- President William Ruto revealed he introduced a fellow African investor to his Zimbabwe counterpart, Emmerson Mnangagwa at the COMESA Summit 2026 in Harare
- The investor, who has existing stakes in Kenya and Uganda, disclosed plans to pour KSh 220 billion (USD 1.7 billion) into Zimbabwe
- Ruto used the occasion to push African nations to capitalise their own multilateral financial institutions and reduce dependence on foreign capital
Nancy Odindo is a Current Affairs Editor at TUKO.co.ke, covering general news. Odindo has over six years of journalism experience and joined TUKO.co.ke in 2023.
President William Ruto used his address at the 2026 COMESA Summit in Harare, Zimbabwe, on Thursday, October 22, to reveal that he had personally facilitated an introduction between a pan-African investor and Zimbabwean president Emmerson Mnangagwa.
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Ruto told delegates he had engaged Mnangagwa earlier that morning, who already holds active investment positions in Kenya and Uganda and had previously been introduced by Ruto to Rwandan president Paul Kagame.
He disclosed that the investor indicated plans to commit KSh 220 billion (USD 1.7 billion) to projects in Zimbabwe.
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"Just this morning, I had an engagement with my elder brother, President Mnangagwa, and I was introducing him to a fellow African who wants to invest in Zimbabwe. He is an investor in Kenya. He is an investor in Uganda. I introduced him to President Paul Kagame of Rwanda, and today he tells us he has 1.7 billion dollars to invest in Zimbabwe," Ruto told the summit, but did not disclose the details of the investor.
Ruto's push for African financial self-reliance
Beyond the investment announcement, Ruto directed much of his remarks toward urging African heads of state to redirect confidence and capital toward the continent's own multilateral financial institutions rather than parking reserves in foreign accounts.
He argued that Africa holds more than KSh 520 trillion (USD 4 trillion) in domestic financial assets spread across central banks, insurance companies, and capital markets, yet a significant portion of those resources continues to sit in overseas accounts generating minimal returns while domestic projects remain underfunded.
Ruto cited institutions including the African Development Bank, Afreximbank, the Africa Finance Corporation, the Trade and Development Bank, and Africa Re as having already demonstrated their capacity to finance trade and absorb risk at scale.
He called on member states to capitalise these bodies more aggressively, route more projects through them, and back their bonds and guarantees.
"Excellencies, we cannot ask the world to trust African institutions if we do not trust them ourselves," Ruto said.
Kenya's increased stakes in African institutions
The president pointed to Kenya's own steps as a model, noting that Nairobi has raised its shareholding in Afreximbank, the Africa Finance Corporation, and the African Trade and Development Bank and is actively reviewing its positions in other continental bodies.
He disclosed that the KSh 2.08 trillion (USD 16 billion) East African refinery planned for construction in Kenya would be funded almost entirely by African financial institutions, which he described as evidence of the scale of resources the continent already commands.
Ruto framed these moves within the broader theme of the 2026 COMESA Summit: "one market, one future—advancing inclusive industrialisation, investment, and regional integration in COMESA."
Source: TUKO.co.ke
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