A foreign company based in the United States has unveiled Ksh10 billion ($80 million) worth of investments after signing an agreement with the Kenyan government.
Over the last few weeks, talks between the two parties had been in high gear to allow the foreign company to invest in cryptocurrency mining.
Reports indicated that the Memorandum of Understanding was signed on Friday, May 24, and the government will as a result form a steering committee.
The committee will consist of members from the Ministry of Energy and Petroleum as well as company representatives.
Reports further indicated that the agreement will allow the use of green data ceter as well as advance technological infrastructure and stimulate economic development across Kenya.
"This agreement with the Ministry of Energy and Petroleum is a pivotal moment for our business as it provides us with a clear framework to pursue opportunities across the Republic of Kenya," an executive at the company told the press regarding the agreement.
"It demonstrates the innovative approach that Kenya is taking to optimize their energy usage and to enhance their technological infrastructure."
The agreement took place at the U.S. Chamber of Commerce during President William Ruto's trip to the United States.
The Head of State attended the event alongside U.S. Ambassador to Kenya Meg Whitman.
During his tour in the United States, the Head of State oversaw several other deals cutting across several sectors including Health and Security.
Kenya secured a Ksh477 billion public-private partnership that will see the completion of the Nairobi-Mombasa toll road that will have up to six carriageways to be known as Usahihi.
The two leaders also agreed to invest Ksh917 million to strengthen the National Police Service.
Overall, President William Ruto also secured deals valued to be worth billions of shillings across his administration.
