Kenya receives Ksh.400 Billion to support bottom-up Agenda

Kenya has received a Ksh.400 billion financing programme from the African Export-Import Bank to support the Bottom Up Economic Transformation Agenda.
The three-year programme was signed by Treasury Cabinet Secretary Njuguna Ndung’u and AfriExim President Benedict Oramah, in the presence of President William Ruto.
According to Prof. Oramah, the financing programme is designed to help the government with its priorities in enhancing the capacity of commodities, supporting agriculture and water harvesting, and to construct industrial parks and invest in the digital superhighway. It will also strengthen the capacity of the Kenya National Trading Corporation to import affordable basic necessities such as fertiliser, dry commodities, and edible oil. President Ruto noted that the programme will help to reduce the cost of basic foods, and that AfriExim came in handy to support their recently concluded fuel importation deal, alleviating pressure on the foreign reserves.
The financing programme will also fund the construction of 200 dams to enable water harvesting for irrigation, domestic use, and the husbandry of livestock. President Ruto noted the deteriorating water levels due to climate change, and stressed the importance of maximising water harvesting. In addition, the programme is designed to support industrialisation initiatives and the development of five special economic zones in Nakuru, Busia, Kirinyaga, Thika, and Eldoret.
Moreover, the programme will provide support for the growth of small and medium-sized enterprises (SMEs) and the digital superhighway. It will also help to ease the market, ensuring more balance between demand and supply.
Overall, the financing programme from AfrEximBank is a much needed step towards the realisation of the Bottom Up Economic Transformation Agenda. It will provide much needed assistance to agricultural sectors, as well as support SMEs, the digital superhighway, and the construction of industrial parks and dams. With this financial assistance, the government of Kenya will be able to implement plans for economic transformation and proffer solutions for its citizens.
President Ruto welcomed the Bank’s initiative on Pan African payment systems saying it will enhance Africa’s contribution to global trade that has been stagnant at less than 3% for some time. Speaking at the AfriExim bank Kenya Partnership Forum in Nairobi, the President said the initiative will go a long way in addressing the continent’s perennial trade financing challenges.
Prof. Oramah praised President Ruto for his “passion for country and clarity of thought.” He said the President had demonstrated a keen understanding of the role of AfriExim bank in intra-African trade and the financing of the continent’s infrastructure development.