Ruto eyes Nairobi role in Africa’s new credit rating agency
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Originally published by News – Capital FM — Read the original article →
NAIROBI, Kenya, Oct 12 — President William Ruto has announced plans for Kenya to explore becoming a sovereign client of Africa’s newly launched credit rating agency, while pushing for Nairobi to host a secondary jurisdiction of the institution in a move aimed at strengthening the continent’s influence over how its economies are assessed by global investors.
In a congratulatory message following the launch of the Africa Credit Rating Agency (AfCRA) in Port Louis, Mauritius, Ruto said Kenya would begin discussions on the proposed Nairobi presence and its potential engagement with the agency.
The move comes as African governments seek alternatives to the dominant international credit rating agencies, amid concerns that existing assessments do not adequately capture the continent’s economic conditions and development potential, contributing to high borrowing costs.
