President William Ruto, speaking at the 2023 Africa Climate Summit in Nairobi, urged county Governors to utilize a dormant Ksh.50 billion development fund currently held at the Central Bank of Kenya (CBK). He emphasized the importance of seizing this opportunity to implement development initiatives within their respective regions. President Ruto, as Kenya’s leader, expressed his unwillingness to let these development funds remain unused during his tenure.
He also humorously acknowledged that he has been criticized for providing ample funding to Governors and highlighted the existence of the Ksh.50 billion at CBK, urging them to put it to good use for the benefit of the nation’s economy.
President Ruto emphasized that effectively utilizing this fund would facilitate the execution of development projects and increase tax revenue for his administration. He emphasized the relevance of financial discussions at the summit, emphasizing that it mirrored the ongoing conversation about allocating funds to counties.
Additionally, President Ruto allocated Ksh.7.2 billion to counties in the form of county climate change investment grants as part of the Financing Locally-Led Climate Action (FLLoCA) program. These funds will support local climate action priorities in agriculture, water, and natural resources management across all counties, complemented by Ksh.3 billion from county own-resource allocations. He expressed gratitude to the Governors for their support of the program, acknowledging the significant progress made in a short time.