Kenya secures Sh22b to boost EV manufacturing, cut power costs

President William Ruto and Prime CS Musalia Mudavadi lead a bilateral meeting with with Dr Tanaka Akihiko, President of the Japan International Cooperation Agency in Tokyo, Japan. [@MusaliaMudavadi, X]

Kenya has signed a landmark Statement of Intent with Japan for a 25 billion Yen (Sh22 billion) Samurai financing facility that will accelerate local vehicle manufacturing and lower electricity costs for consumers.

The agreement was sealed on Thursday on the sidelines of the Ninth Tokyo International Conference on African Development (TICAD 9) in Yokohama, Japan, in a ceremony witnessed by President William Ruto and Japanese Prime Minister Shigeru Ishiba.