Nairobi, April 23 -- Kenya will buy an additional $25 million (Sh3.23 billion) stake in Africa Finance Corporation (AFC) as the infrastructure development-focused multilateral institution moves to set up its first office outside Nigeria in Nairobi.

President William Ruto said on Wednesday during ongoing 'The Africa we Build Summit 2026' in Nairobi, the investment is part of Kenya's move to continue strengthening regional development finance institutions.

Kenya has been one of the shareholders in AFC since 2017.

The pledge for additional equity came as AFC president and CEO Samaila Zubairu announced that the firm was going to set up a regional office in Nairobi. This will be AFC's first office outside its headquarters in Lagos.

"I want...