Ruto Says African Lenders Will Fund Almost All of KSh 2.08T East Africa RefineryRuto Says African Lenders Will Fund Almost All of KSh 2.08T East Africa Refinery
Key Highlights
- President William Ruto says African financial institutions will fund almost all of the planned KSh 2.08T ($16B) East Africa refinery in Kenya.
- He spoke in Harare while handing the COMESA chair to Zimbabwe's Emmerson Mnangagwa, and urged governments to keep more reserves with African lenders.
- No timeline, site or funding breakdown has been published, and the lenders involved have not been named.
President William Ruto says the planned KSh 2.08T ($16B) East Africa refinery in Kenya will be almost wholly funded by African financial institutions, though he gave no list of lenders, no site and no timeline.
Speaking at the 25th Summit of COMESA Heads of State and Government at the New Parliament Building in Harare, Ruto described the project as "the scale of the resources that we have" and urged governments to keep more of their reserves with African lenders. He handed the COMESA chairmanship to Zimbabwean President Emmerson Mnangagwa at the summit.
The funding claim
Ruto said Kenya has increased its shareholding in Afreximbank, the Africa Finance Corporation and the African Trade and Investment Development Insurance (ATIDI). He told leaders that "every programme we agree upon must be matched by the resources to deliver it". The remarks were reported on 23 October.
The summit coverage does not set out a funding breakdown, the terms of any loans, or how much each institution would contribute. It also does not say how the claim fits with the refinery plans announced by Aliko Dangote for Lamu. As Mwenendo earlier reported, Dangote's offer of 500MW from Lamu has yet to be tested against a competitive auction.
Other summit outcomes
Ruto launched the COMESA 2026 to 2030 Medium-Term Strategic Plan and the 2025 Annual Report, and asked the COMESA Secretariat to fast-track the COMESA Market Levy to provide predictable financing for regional priorities. The summit was also attended by Zambian President Hakainde Hichilema, COMESA Secretary-General Chileshe Mpundu Kapwepwe and AfCFTA Secretary-General Wamkele Mene.
Until the lenders, terms and timetable are published, the KSh 2.08T figure remains a statement of intent rather than a financed project.
In Summary
- Who made the claim?
- President William Ruto, at the 25th COMESA Summit in Harare.
- What did he say?
- The KSh 2.08T ($16B) East Africa refinery will be almost wholly funded by African financial institutions.
- Where was it said?
- New Parliament Building, Harare, Zimbabwe.
- When?
- Reported on 23 October 2026, after the summit.
- How is Kenya backing African lenders?
- It has raised its shareholding in Afreximbank, the Africa Finance Corporation and ATIDI.
- What is unknown?
- The lenders, site, terms and timeline have not been published.