NAIROBI, May 18 (Xinhua) -- Kenyan President Uhuru Kenyatta on Tuesday proposed several new approaches to financing Africa's COVID-19 recovery efforts saying the private sector should be supported to play a more central role.
Speaking during a virtual summit on the financing of African economies, Kenyatta also emphasized the need to upscale African countries' access to COVID-19 vaccines.
He said innovative financing solutions that crowd in the private sector would include the issuance of private sector-backed financial instruments such as green bonds, supporting the issuance of local currency instruments, structuring guarantees to lower financing costs, and developing and deepening public-private partnership opportunities.
"We need to move beyond traditional measures and implement truly transformational financing options that are commensurate with the enormity of the crisis," Kenyatta told the summit hosted by French President Emmanuel Macron and attended by several African leaders, according to a statement issued by Kenyatta's office after the event.
The Kenyan leader advocated for enhanced recovery packages from Africa's development partners, debt swaps and restructuring, and accelerated access to alternative sources of financing such as the Green Climate Fund.
He welcomed ongoing efforts by development partners to cushion the continent from adverse effects of COVID-19 saying Africa needs more resources to fight the pandemic, tackle debt vulnerabilities, and address poverty among other pressing needs.
The president said Kenya appreciates the extraordinary efforts from development partners to finance economic recovery and reduce debt vulnerability.
"Kenya welcomes commitments from bilateral and multilateral agencies to support emerging and low-income countries in response to the COVID-19 pandemic," the president said, adding that despite its devastation, COVID-19 presents an opportunity for African economies to bounce back stronger.
He said Kenya will continue opening up its vibrant economy for private sector participation saying the country had strengthened its public-private partnership regime to provide greater operational efficiency and reduce pressure on fiscal space.
Kenyatta said there can't be any economic recovery without access to vaccines and Africa is desperately lacking in vaccines. Enditem
