Home Africa Kenya Secures Sh350bn in Investments during Ruto’s Japan Trip

Kenya Secures Sh350bn in Investments during Ruto’s Japan Trip

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Financial agreements worth Sh350 billion have been signed during President William Ruto’s visit to Japan. These agreements aim to support various projects and programs across different sectors in Kenya.

The largest beneficiaries of these agreements are the Dongo Kundu Infrastructure Ecosystem and the Mombasa Gateway Bridge, located at the Coast, which will receive Sh260 billion in funding.

President Ruto and Prime Minister Fumio Kishida also agreed on Kenya issuing a Sh40 billion Samurai bond in Japan to finance energy and infrastructure projects. A Samurai bond is a yen-denominated bond issued in Tokyo by a non-Japanese company, subject to Japanese regulations.

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Additionally, Kenya secured Sh30 billion from the Japan Bank for International Cooperation to purchase heavy machinery and mechanized assets. Notably, the Olkaria Geothermal Development project will receive Sh15 billion, and Japan will provide Sh1 billion for the production of medical oxygen for various hospitals.

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Through the United Nations, Kenya will also receive Sh320 million in humanitarian aid for those affected by recent El Nino-related floods. Furthermore, agreements include Memorandums of Understanding (MoUs) covering cooperation in ICT, health, finance, and security sectors.

President Ruto emphasized that these MoUs aim to enhance the capacity of the Kenya Medical Research Institute and strengthen pandemic management potential at a cost of Sh3 billion. Moreover, to bolster the partnership between the two countries in defense, an agreement on Defense Cooperation was signed, making Kenya the first African country to sign a defense pact with Japan.

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The President acknowledged Japan’s support for the completion of Phase II of the Mwea Irrigation Scheme and the National Rice Masterplan. President Ruto witnessed the signing of these bilateral agreements after holding talks with Prime Minister Kishida of Japan.