President William Ruto's administration on Tuesday, May 2, received a major boost after African Export-Import Bank released Ksh400 billion to start financing his Bottom-up Economic Transformation Agenda.
According to a communique from State House, the three-year deal was expected to support Ruto's administration's priorities in enhancing the capacity of critical commodities, agriculture, water harvesting, construction of industrial parks and investment in the digital superhighway.
The Ksh400 billion fund was also touted to help the Kenya Kwanza administration strengthen the capacity of Kenya National Trading Corporation to meet its obligations to import affordable fertiliser, dry commodities and edible oil.
"AfriExim came in handy and supported our recently concluded fuel importation deal; this eased pressure on our foreign reserves.
"This support in importations has been critical in helping us reduce the cost of basic foods, including unga," he added.
Besides supporting economic recovery through President Ruto's Bottom-up Economic Model, Ksh110 billion from the programme will be channeled toward funding the construction of 200 dams.
The water from the dams will be used to support Ruto's agricultural agenda in the country and also for domestic use.
"With the deteriorating water levels due to climate change, it is important that we maximise water harvesting," the Head of State announced.
Part of the funds will also be directed toward building Industrial Parks and five special economic zones in Nakuru, Busia, Kirinyaga, Thika, and Eldoret.
Small and Medium Enterprises, the Digital Superhighway agenda and other sectors of the economy will also benefit from the Ksh400 billion financing.
While signing the three-year financing deal, AfriExim President Benedict Oramah applauded Ruto, indicating that he had clearly spelled out his development agenda, thus attracting investments.
