List Of Ksh45 Billion Deals Secured By Ruto In Japan Visit

Government Spokesperson Isaac Mwaura announced this at the Kenyatta International Conference Centre (KICC)

Marvin Chege Marvin Chege
Feb 8, 2024 - 18:59 Updated: Feb 8, 2024 - 19:07
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List Of Ksh45 Billion Deals Secured By Ruto In Japan Visit
President William Ruto during a meeting with JBIC Group of officials, led by the Governor of the Japan Bank for International Cooperation, Hayashi Nobumitsu during his visit to Japan on February 8, 2024. /PCS

President William Ruto has secured Ksh45 billion worth of investments following a historic two-day state visit to Japan.

Government Spokesperson Isaac Mwaura announced this at the Kenyatta International Conference Centre (KICC) on Thursday, February 8, reaffirming the Head of State's visit as the first state visit by a Kenyan Head of State to Japan in over 20 years.

"During this visit, H.E President William Ruto underscored the strength of Kenya-Japan relations. This visit not only solidified our bilateral ties but also concluded several pivotal investments worth over Ksh45 billion, leading to a new era of prosperity and innovation for our nation," Mwaura stated.

Government spokesperson, Isaac Mwaura speaking to the media on January 26, 2024. /ISAAC MWAURA

We take a look at the investments President Ruto secured below:

Meru Wind Farm Energy

The Ksh15 billion Meru Wind Farm Energy is a step towards environmental sustainability and economic efficiency.

According to Mwaura, it promises to create several jobs and aims to lower the cost of electricity, benefiting millions of Kenyans and encouraging investments.

Isiolo Solar Energy

The Ksh8 billion Isiolo Solar Energy will inject more power into the country's national grid. This comes amidst demands by Kenyans for a new source of power to spare themselves from the national power blackouts affecting their operations at home.

"It is a cornerstone in transforming Isiolo into a thriving resort county," Mwaura hailed the project.

Toyota Thika Manufacturing Plant

Through Thika Kenya vehicle manufacturers' initial investment of Ksh800 million, Toyota will now start manufacturing vehicles locally to reduce the importation of over 120,000 vehicles annually from Japan.

Mwaura noted that this will lead to more jobs in the vehicle manufacturing value chain to the whole of Africa.

"We are engaging the Toyota Tsusho Corporation to consider setting up a vehicle manufacturing plant in Kenya to tap into the growing demand for its products. The manufacturing project would reduce the number of used vehicles we continue to import and create jobs for our skilled manpower.

"I am glad that Toyota Tsusho Corporation finds the project viable. We undertake to provide sufficient incentives to multinational automotive manufacturers to set up in Kenya," Ruto disclosed on Wednesday, February 7.

Menengai Geothermal Plant

Ksh19 billion will be directed towards the building of a Menengai Geothermal Plant which will give Kenyans cheaper electricity to spur economic development.

On Monday, February 5, Kenya Electricity Generating Company PLC (KenGen) Managing Director and Chief Executive Officer (CEO) Peter Njenga committed to ensuring that Kenyans enjoy cheaper electricity prices in the coming days.

This is as KenGen announced in a statement that it had increased hydropower generation after the country’s main dams in the Seven Forks Cascade hit one of the highest water levels in the recent past.

Mwaura reiterated that the government earlier reduced the cost of electricity by Ksh3.44 per unit across all customer bands to make power affordable to consumers and to spur the country's industrial revolution.

A person loading tokens on a meter. /THE STAR

"The decrease in total foreign currency exchange payments, that were made earlier this year, has reduced the Fuel Energy Cost half fold from Ksh6.45 to Ksh3.22 per kWh.

"This has contributed to the reduced cost of power. This means that buying 100 units pays less than Ksh344," he stated.

KEMRI

The Kenya Medical Research Institute (KEMRI) also stood to benefit from President Ruto’s two-day State visit to Japan where he received a Ksh3 billion grant to aid in the construction of a high-level laboratory.

KEMRI, in a statement to newsrooms, said the agreement was arrived at following a Memorandum of Understanding (MoU) between President Ruto and Japan Prime Minister Fumio Kishida.

The new facility will be used for training scientists in research and development of biotechnology products that can quickly be used by the country in the event of a biothreat or a new pandemic.

“The facility will contain high biocontainment laboratories with state-of-the-art equipment for use in disease surveillance, pathogen identification, drugs, vaccines and diagnostic kits design, discovery and development,” read the statement.

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