- One of the major outcomes of the tour was the signing of three crucial agreements between Kenya and Japan worth Sh350 billion.
- President Ruto and Prime Minister Fumio Kishida also agreed that Kenya will issue a Sh40 billion Samurai bond in Japan to finance energy and infrastructure projects.
Image: PCS
President William Ruto has returned to Kenya with promising developments after a productive official visit to Japan.
The visit was aimed at strengthening bilateral ties and fostering economic collaboration between the two nations.
The visit, which spanned several days, saw President Ruto engaging in high-level discussions, forging partnerships, and solidifying agreements that hold immense promise for Kenya’s future.
One of the key outcomes of President Ruto’s visit is the series of economic deals worth billions of Kenyan Shillings.
These agreements cover various sectors, including infrastructure, technology, and healthcare
One of the major outcomes of the tour was the signing of three crucial agreements between Kenya and Japan worth Sh350 billion.
The largest projects to benefit are the Dongo Kundu Infrastructure Ecosystem and the Mombasa Gateway Bridge at the Coast at Sh260 billion.
President Ruto and Prime Minister Fumio Kishida also agreed that Kenya will issue 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. The bond is, however, subject to Japanese regulations.
Kenya also secured Sh30 billion from the Japan Bank for International Cooperation to purchase heavy machinery and mechanised assets.
The Olkaria Geothermal Development project will get Sh15 billion. Japan will also provide Sh1 billion for the production of medical oxygen for various hospitals.
Through the United Nations, Kenya will receive Sh320 million in humanitarian aid for those affected by the recent El Nino-related floods.
Other agreements include MoUs on cooperation in the ICT, health, finance and security sectors.
President Ruto said the MoU will include enhancing the capacity of the Kenya Medical Research Institute to build on its pandemic management potential for Sh3 billion.
To strengthen the partnership between the two countries in defence, an agreement on Defence Cooperation was also signed.
This makes Kenya the first African country to sign a defence pact with Japan.
The President acknowledged Japan's support for the completion of Phase II of the Mwea Irrigation Scheme and the National Ric
The two countries also signed an MoU to issue a Samurai Bond, and also a Letter of Intent concerning Defence Cooperation to strengthen partnership in the field of defence.
The move will also enable the country to work together in promoting peace and stability in Africa and all maritime trade routes.
Also a major high, light of President Ruto's Japan tour was his meeting with Prime Minister Fumiso Kishida, where the leaders engaged in discussions on various aspects of mutual interest.
Image: PCS
The Head of State expressed his gratitude for Japan's longstanding support of Kenya's development initiatives and emphasized the importance of strengthening economic cooperation.
In a joint statement following their meeting, President Ruto stated:
"Japan has been a key ally in our journey towards economic growth and development. Our discussions with Prime Minister Fumiso Kishida have solidified our commitment to deepening our cooperation in various sectors, including trade, infrastructure, and technology."
The tour also saw President Ruto engaging with business leaders and investors in Japan, aiming to attract foreign direct investment into Kenya.
During a business forum, President Ruto highlighted the investment opportunities in key sectors such as energy, infrastructure, and agriculture.
Japanese investors expressed keen interest in exploring these opportunities, and both sides expressed optimism about the potential for increased economic collaboration.
During the tour, President Ruto met with leaders from the Japanese business community, including representatives from major corporations.
The meetings at the Japan Business Forum organized by the Japan External Trade Organization (JETRO) aimed to explore potential partnerships and investment opportunities.
Japanese companies expressed confidence in Kenya's business environment and conveyed their interest in contributing to the country's economic growth.
"The positive response from Japanese businesses is a testament to the attractiveness of Kenya as an investment destination. We welcome their interest and look forward to fruitful partnerships that will benefit both nations," Ruto said
The Japan tour also included engagements with the academic and cultural sectors.
As the President concluded his successful tour, the tangible outcomes in terms of economic agreements and strengthened diplomatic relations were evident.
The investments pledged by Japan are expected to have a profound impact on Kenya's development trajectory, fostering economic growth and creating opportunities for its citizens.
Ruto expressed optimism about the future of the Kenya-Japan partnership.
"This visit has solidified the bond between our nations. The agreements signed and the commitments made mark the beginning of a new chapter in our bilateral relations. We look forward to working closely with Japan to realize our shared vision of prosperity and sustainable development," he said.