Kenya seals Sh22 billion deals at Tokyo conference on Africa

President William Ruto delivers a keynote address at the ninth Tokyo International Conference on African Development (TICAD9) plenary summit on the society pillar in Yokohama city, Japan.[PSCU] Japan has extended up to Sh21.7 billion (25 billion yen) to support the Kenya's vehicle assembly and energy sectors as the ninth Tokyo International Conference on African Development (TICAD 9) which concluded yesterday. The deals were signed by Prime Cabinet Secretary Musalia Mudavadi and Nippon Export and Investment Insurance Chief Executive Officer Atsuo Kuroda. "The deals will strengthen our local vehicle assembly and parts manufacturing industry while also addressing electricity transmission and distribution losses, currently standing at about 23 per cent,'' Musalia said. In the document seen by Saturday Standard, between Sh10.5 billion and Sh13.1 billion will support the National Automotive Policy, Sh5 billion will go to procurement of high-transformers which will reduce electricity transmission losses, and Sh4 billion will go to general budget support, focusing on projects exempted from environmental impact assessment. The agreements come as Kenya negotiates with China to convert part of its dollar-denominated debt into a yuan one and extend repayment terms, a move aimed at easing sovereign borrowing costs. President William Ruto has insisted that the country is shifting away from short-term financing risks towards reducing expensive debts. He said the country was weighing sustainability-linked (Green) bonds with guarantees, yen-denominated Samurai bonds, renminbi-denominated Panda bonds, and debt swaps. Meanwhile, TICAD 9 ended with the adoption of a joint communique emphasizing the significance of multilateral trade in combating global protectionist trends. Thirty-five leaders from across Africa, along with their host, endorsed the Yokohama Declaration, which outlines plans to strengthen connections between Africa and the Indo-Pacific region. This declaration incorporates a new economic initiative introduced by Japanese Prime Minister Shigeru Ishiba on Wednesday. The communique also highlighted proposals aimed at addressing the challenges faced by African nations, aiming to distinguish these efforts from those of China, which has been increasing its influence in Africa. The three-day conference began on Wednesday and focused on discussing strategies to support African countries. "We will work to expand investments for Africa's future, enhance industrial cooperation, and develop human resources," Ishiba stated during a joint press conference as co-chair of the conference. Meanwhile, leaders across Africa have been encouraged to invest in their people to foster sustainable growth, innovation, and resilience, as highlighted by the theme of the conference: "Co-create Innovative Solutions with Africa." There was a clear understanding among all leaders in attendance that growth must translate into real impact on people's lives, shifting focus from macroeconomic statistics to grassroots transformation. President Ruto initiated discussions during a plenary session on the societal pillar, challenging his colleagues to promote resilient, adaptive, and inclusive societies as the foundation for Africa's transformation. Ruto emphasised that Africa is rich in natural resources and has a youthful population of nearly 400 million, filled with energy, creativity, and innovation. Japan pledged to work on nurturing experts in artificial intelligence to assist African countries in achieving economic growth and addressing social challenges. The conference accumulated in the signing of 64 co-operation documents and more than 300 agreements.

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