Finding New Ways to Finance African Infrastructure
Kenyan President Uhuru Kenyatta looked like he had a great time in France last week. After all, the weather in Paris this time of year is absolutely lovely and this being his first trip out of the country since the COVID-19 outbreak, he was able to get away from the increasingly nasty fight that he’s having with his own deputy president, William Ruto, who’s vying for his job in the next election.
The food, the weather, and the break from Nairobi’s intense politics are all wonderful but those seemed to pale in comparison to the sheer joy that both President Kenyatta and his host, President Emmanuel Macron took in signing large infrastructure financing deals that they both claim will pioneer a new era of development finance in Africa.
“What Kenya and France are doing is leading in a new model of financing that does not involve debt but rather is encouraging private sector to put in their money and get the returns from the project that they’re doing.” — Kenyan President Uhuru Kenyatta
While the Kenyan president came home with his bags stuffed with various concessional loans from French and European development finance agencies, he also picked up…
