BY DPCS
Deputy President Kithure Kindiki has called for faster transformation of Africa to first world status saying the continent has the resources and manpower necessary to uplift it to a developed status.
Prof. Kindiki said the continent cannot afford to lag behind in development yet it is endowed with what is needed to be at par with the developed world, underscoring Kenya’s firm commitment to rise to this level.
“Africa needs to build confidence in itself. As Africans, we must learn to have confidence in our continent and in our capability to do what others have been able to do,” DP stated.
The Deputy President spoke on Wednesday when he addressed the Infra for Africa Forum and Africa50 General Shareholders Meeting in Dar es Salaam, Tanzania on behalf of President William Ruto.
To achieve first world status, Prof. Kindiki urged African countries to look beyond the short-term social, political and economic gains and invest intentionally in long-term visions that would guarantee development for years to come.
“We must ensure that the frameworks for projects, programmes and policies we have in place today will still be in place in 30, 40, 50 years ahead so that we take Africa into first world status because it is possible to do it as already done by other countries,” DP affirmed.
He said Kenya is adopting innovative financing models for the development of its infrastructure highlighting the need to cultivate different ways to raise capital for huge and transformative projects.
“In Kenya, we have just put in place an Infrastructure Fund where we are mobilizing resources from the stock market by selling part of the stakes in government-owned entities and using the capital to crowd investment by the private sector,” DP noted.
For faster realization of this elevation to the first world, the Deputy President pushed for long-term political stability, predictable policy framework, enhanced technological advancement, stronger public-private partnerships, better governance and continuous engagement with the people who he emphasized must be at the centre of any investment.
“We need to have the people with us. We must carry the people along; women, young people, rural and urban poor. It is not enough to build roads, railways, seaports, harbours and gas pipelines. It is important to ensure the people travel the development journey with us,” he reiterated.
Tanzania President Samia Suluhu delivered the keynote address during the event also attended by former Tanzania President Jakaya Kikwete among other dignitaries.
Prof. Kindiki further noted that policy consistency, continuity and stability is a key enabler of infrastructure development calling on African countries to be on the lookout for disruptive political events likely to delay development.
“The biggest threat to Africa’s development today is policy disruption which is an unintended consequence of democracy. The movement from one administration to another is a good thing but we must find ways of insulating our development agenda from democratic transitions so that we can have continuity in development,” DP said.
As each country works on improving its development infrastructure, Prof. Kindiki stressed the need for regional partnerships necessary for better economic outcomes for countries working together.
“We need to have innovative ways of mobilizing resources both nationally and regionally to be able to reduce investor risk and lower cost of capital and enable implementation of capital-intensive projects,” DP stated.
