Kenyan President William Ruto has called for changes to the global financial system to help Africa make better use of its own capital.
Ruto made the call during the Partners for Multilateralism summit in New York.
The meeting took place on the sidelines of the UN General Assembly.
Leaders launched the initiative to strengthen international cooperation and support reforms to global institutions.
Ruto calls for new approach to Africa
Ruto said international partnerships with Africa should move beyond focusing on how much outside financing countries can provide.
Instead, he called for financial institutions to help unlock capital that already exists across the continent.
He said international and development financial institutions should act as catalysts, rather than simply as lenders.
Ruto argued that global institutions need the trust of the people and countries they serve.
He said institutions that do not reflect those people could eventually struggle to maintain that trust.
New multilateral platform launched
The summit marked the launch of the Partners for Multilateralism initiative, also known as P4M.
Australia, Barbados, Brazil, Canada, India, Kenya and the European Union are the initial co-sponsors.
The platform aims to bring together countries from different regions to strengthen multilateral cooperation.
It also seeks to support international law, peace and sustainable development.
Leaders said the initiative would support the United Nations and other international institutions.
Leaders seek reform of global institutions
The summit comes as governments face growing pressure from conflicts, climate change, economic uncertainty and new technologies such as artificial intelligence.
European Council President António Costa said the platform would encourage dialogue, coalition-building and practical cooperation.
The initiative also aims to support reforms that make international institutions more representative and effective.
For African countries, global financial reform has become a major part of that debate.
Ruto has repeatedly called for changes that would give developing economies better access to financing and allow African capital to play a larger role in the continent’s development.
The new platform is expected to continue discussions on reforming international institutions and strengthening cooperation between countries.