Major Multibillion Deals Secured by Ruto This Year
Major Multibillion Deals Secured by Ruto This Year
Major Multibillion Deals Secured by Ruto This Year
Significant progress has been made during President William Ruto’s term in obtaining multibillion-dollar agreements from development partners.It is documented that both Ruto and his deputy, Rigathi Gachagua, claimed that the previous government left them with empty coffers.
It is anticipated that the funds obtained from other nations will help Kenya’s short-term financial issues, finance development initiatives, and enable the government to pay down some of its increasing debt.These are a few of the agreements the President of State has secured this year.
Ksh 682 Billion for Environmental Improvement
The government declared during the COP28 meeting that Ksh 682 billion ($4.48 billion) had been secured for the Green Africa Industrialization Initiative (AGII). With a specific emphasis on green ammonia, this significant grant sought to increase Kenya’s energy productivity through a green development project in partnership with Fortescue.
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.
The goal of this project is to modernize the nation’s ICT infrastructure in a number of industries. Furthermore, an agreement with China’s Energy International Group will help modernize, enhance efficiency, and improve dependability of Kenya’s electrical infrastructure.
