President William Ruto’s tenure has been marked by significant achievements in securing multi-billion-dollar deals from development partners.
Ruto and his deputy Rigathi Gachagua are on record stating that they inherited empty coffers from the previous administration.
The money bagged from foreign countries is expected to ease Kenya’s short term liquidity problems, finance development projects and allow the government to service some of its mounting loans.
Here are some of the deals the Head of State bagged over the course of the year.
Ksh 682 Billion for Green Development
During the COP28 summit, the government announced the securing of Ksh 682 Billion ($4.48 Billion) for the Green Africa Industrialization Initiative (AGII).
This substantial funding, in collaboration with Fortescue, aimed to boost Kenya’s energy productivity through a green development project, particularly focusing on green ammonia.
Additionally, a $1.5 billion deal was forged with Fortescue to support Kenya’s plan for a green transition.
Further, an agreement involving Konza Metropolis and KenGen was established to develop an ICT data storage industry using green energy.
Ksh 688 Billion Deals in China
President Ruto’s visit to China resulted in several multi-billion deals with Chinese-based companies.
Some 11 Chinese companies pledged Ksh 24.2 billion ($161.7 million) for the development of Konza Medical City, aligning with Kenya’s Universal Healthcare Coverage agenda.
Zhende Medical, another Chinese company, committed Ksh 18.7 billion ($125 million) to Tatu City.
Four additional Chinese companies expressed their intent to invest a total of Ksh 646.3 billion ($4.32 billion) across various sectors, contributing significantly to the Kenyan economy.
Ksh 57.8 Billion In Europe
During his European visit in April 2023, President Ruto secured Ksh57.7 billion ($377 million) from various European agencies for the construction of an electric bus lane in Nairobi.
The deal, inked in Brussels, included a Ksh 6.47 Billion grant from the European Union (EU) and additional investments from the European Investment Bank (EIB) and the French Development Agency (AFD).
The electric bus lane, to be constructed using the funds will traverse key areas in Nairobi, addressing congestion and enhancing the city’s infrastructure with features such as bus lanes, stations, and pedestrian bridges.
Ksh 63 Billion Kenya-China Deal
In a separate venture during his visit to China in October, President Ruto signed deals worth Ksh 63 billion covering the tech, health, and engineering sectors.
The agreements, including a memorandum of understanding (MoU) signed by ICT stakeholders, outlined Chinese companies’ huge investment in Kenya’s digital transformation.
This initiative is set to revamp the country’s ICT infrastructure across various sectors.
Additionally, a deal with Energy International Group from China will contribute to increasing the reliability, efficiency, and modernisation of Kenya’s power system.
ByÂ
Source-https://www.kenyans.co.ke/
Details of Major Multibillion Deals President Ruto Secured in 2023
