President William Ruto has renewed his call for African countries to reduce reliance on foreign borrowing, saying external loans often come with conditions that have little to do with development.

Ruto said Africa has sufficient domestic capital if governments strengthen local financial institutions and mobilise savings effectively.

"It is difficult to go borrowing money from people. They subject you to all manner of things," Ruto said.

"They tell you, 'Do this, go and pass this law... go and pass the sexuality laws, go and do this and do that', things that have nothing to do with the money you're looking for. But of course you are subjected to such if you refuse to do what they want."

The President argued that Kenya's recent success in mobilising domestic resources demonstrates that African nations can finance their own development without excessive dependence on external lenders.

"In our National Social Security Fund, we had Sh312 billion saved in 60 years, but in just two years we have moved it from Sh312 billion to Sh680 billion," he said.

He made the remarks Tuesday while hosting delegates attending the 26th Annual General Meeting of the African Trade and Investment Development Insurance (ATIDI) at State House, Nairobi.

"By next year, we will triple what we have saved in 60 years in just three and a half years. What does that mean? It means there is no shortage of capital. It is us getting organised and using the resources we have for our own development,” Ruto said.

He described the New African Financial Architecture for Development as the solution to financing the continent's transformation, urging African governments to invest more in home-grown financial institutions.

"It is time to back our own institutions, strengthen them and give them the financial muscle to mobilise capital, mitigate risk and drive the continent's development on African terms," he said.

According to the President, the objective is to transform Africa from a recipient of global capital into a continent capable of mobilising its own resources and relying on African institutions to assess and finance investment opportunities.

Ruto said Kenya is already demonstrating that approach through the National Infrastructure Fund, which is expected to mobilise Sh300 billion by the end of the week.

The funds, he said, will be leveraged at a ratio of 1:10 to finance major infrastructure projects across the country.

The President also praised ATIDI for supporting Kenya's development, saying the institution has facilitated more than $7 billion in investments across the energy, transport, manufacturing, agriculture and trade sectors.

To strengthen the partnership, Ruto announced that Kenya will progressively increase its shareholding in ATIDI from $25 million to $65 million.

"We thank ATIDI for supporting Kenya's development journey. By strengthening African financial institutions, we can fund Africa's future using African capital and African solutions," he said