Two weeks after bagging loans totaling Ksh1.8 trillion from the World Bank and Ksh142.8 billion from the International Monetary Fund and days after securing an additional Ksh12.3 billion loan from the African Development Bank (AfDB), President William Ruto on Tuesday secured a Ksh38.3 billion loan from the Indian government earmarked for the modernisation of the country's agricultural sector.
President William Ruto who is currently on a 3-day State visit to India, signed 5 Memorandums of Understanding (MOUs) with Indian Prime Minister Narendra Modi.
These agreements cover various economic sectors, including Trade, Agriculture, Security, and Foreign Relations.
“I am confident that President Ruto’s visit to India will not only strengthen bilateral ties but will give new momentum to our engagement with Africa,” India's Prime Minister Narendra Modi said in a statement shortly after the meeting.
Prime Minister Modi further remarked that India is keen on strengthening its ties with African countries, in line with its geopolitical blueprint that has seen the country make diplomatic inroads within the continent over the last decade.
As such, Kenya is set to benefit immensely as the two countries cooperate in mutual areas of interest.
President Ruto and Modi further agreed to enhance counter-terrorism cooperation to tame global rising insecurity.
On his part, Ruto congratulated Modi for organising the G20, drawing parrarels between that and his triumph where he was praised for successfully organising the Africa Climate Summit earlier in the year.
“I share a lot in common with the Prime Minister of India on what we need to do, especially those of us from the Global South, on matters to do with the reform of the international financial architecture, to make it much fitter for purpose and to ensure that it serves everybody equally and in a balanced and democratised manner," Ruto stated after the meeting .
According to Ruto, Modi's move to host G2O was a major win for Africa as the interests of the continent's 1.4 billion people were advanced during the meeting.
During the State visit, Ruto also paid tribute to Mahatma Gandhi by laying a wreath at his burial site in Rajghat, New Delhi.
Ruto arrived in Delhi on Monday, December 4. He is in the country on the invitation of President Droupadi Murmu.
