President Ruto’s Japan visit Sh350bn deals, powering Kenya’s economic revival

  • 9 Feb 2024
  • 2 Mins Read
  • 〜 by Anne Ndungu

President Ruto’s visit to Japan earlier this week led to the signing of agreements worth Kshs 350 billion. A giant share of the money will go towards key projects and programmes crucial for Kenya’s economic revival. Notably, the Dongo Kundu Infrastructure Ecosystem and the Mombasa Gateway Bridge at the Coast which will receive the lion’s share, amounting to KSh260 billion. 

Further, there was a significant development in the agreement between President Ruto and Prime Minister Fumio Kushida for Kenya to issue a KSh 40 billion Samurai bond in Japan. This yen-denominated bond, subject to Japanese regulations, will finance energy and infrastructure projects, showcasing a collaborative effort to boost Kenya’s critical sectors.

From an industrial perspective, Kenya also secured KSh30 billion from the Japan Bank for International Cooperation to acquire heavy machinery and mechanised assets. An additional KSh15 billion has been allocated to the Olkaria Geothermal Development Project, demonstrating Japan’s commitment to supporting Kenya’s sustainable energy initiatives.


Japan will contribute KSh1 billion towards the production of medical oxygen for various hospitals, addressing critical healthcare needs, while President Ruto signed an MoU aimed at enhancing the capacity of the Kenya Medical Research Institute (KEMRI) with an investment of KSh3 billion.

From a humanitarian lens, Kenya will receive KSh320 million in humanitarian aid through the United Nations, to support those affected by recent El Nino floods. Kenya also made history as the first African country to sign a defence pact with Japan with the signing of an agreement on Defence Cooperation. 

In the agricultural sector, Japan has played an important role in supporting the completion of Phase II of the Mwea Irrigation Scheme and the National Rice Masterplan, showcasing the depth of the bilateral partnership.

With the private sector, Kenya and Toyota Tsusho Corporation of Japan entered into a framework agreement to collaborate on vehicle manufacturing and renewable energy development. As part of this agreement, Toyota plans to establish a vehicle manufacturing plant in Kenya, with an initial investment commitment of Kshs 800 million to the Kenya vehicle manufacturers.