Norway has expressed strong support for Kenya’s initiative to reform the global financial infrastructure, a move aimed at easing the stringent conditions that make it difficult for countries in the global south to secure affordable loans.
Norwegian Foreign Minister Espen Barth Eide highlighted the critical need for these reforms, particularly for financing essential development projects.
Speaking on Spice FM, Eide emphasized, “We need to overhaul the UN and the international financial institutions like the IMF, World Bank, and the regional development banks. Norway supports this because we’ve seen that access to capital is more challenging for countries like Kenya than in our countries.”
Eide further elaborated on the challenges faced by countries in the global south, noting that despite the willingness among the leadership of financial institutions to consider reforms, the actual implementation is contingent on a vote by the member countries.
He stated, “Access to such financing should be more straightforward, particularly when the loan is intended for vital development projects.”
