Kenya receives Ksh.400B for Bottom-Up Agenda
Kenya and the African Export-Import Bank (AfriExim) have signed an agreement to finance the Bottom Up Economic Transformation Agenda with a total of Ksh.400 billion over three years.
In the presence of Kenya’s President William Ruto, Treasury Cabinet Secretary Njuguna Ndung’u and AfriExim President Benedict Oramah signed the agreement on behalf of the country and the bank, respectively.
Prof. Oramah stated that the program will support the priorities of the government in areas such as enhancing the capacity of critical commodities, agriculture, water harvesting, construction of industrial parks, and investment in the digital superhighway.
According to President Ruto, “AfriExim came in handy and supported our recently concluded fuel importation deal,” and this eased pressure on our country’s foreign reserve holdings.
He explained that the facility that is part of the program will also strengthen the capacity of the Kenya National Trading Corporation to meet its obligations to import affordable fertilizer, dry commodities, and edible oil.
“This support in importations has been critical in helping us reduce the cost of basic foods, including unga,” said President Ruto. “This support in importations”
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The plan calls for the construction of 200 dams at a cost of Ksh.110 billion, which will supply water for irrigation, domestic use, and livestock.
The Head of State continued, “With the water levels getting lower due to climate change, we must maximize water harvesting.”
Additionally, the program will lend assistance to the government’s efforts to industrialize the country, particularly the construction of Industrial Parks and five special economic zones in the counties of Nakuru, Busia, Kirinyaga, and Thika, respectively.
In addition to calming the market, it will support priorities such as small and medium-sized enterprises and the digital superhighway.
President Ruto expressed his satisfaction with the Bank of Africa’s initiative on pan-African payment systems, stating that it will help to increase Africa’s share of global trade, which has remained at a level of less than 3% for some time.
Professor Oramah lauded President Ruto for his “passion for the country” and his “clarity of thought.”
Kenya receives Ksh.400B for Bottom-Up Agenda
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