Deals President Ruto has already secured in the US
Deal President Willam Ruto has already secured in the US during the US-Africa Leaders Summit
Deals President Willam Ruto has already secured in the US during the US-Africa Leaders Summit.
President William Ruto has already secured major deals for Kenya that will be realized through partnerships with the United States (US) Government as well as private investors.
Even as he signed many agreements with business leaders and stakeholders from various industries, Ruto urged the US to reassess its economic relationship with Africa, arguing that it should be seen as a destination for investments rather than a market for finished goods.
The President urged the US to capitalize on Africa’s enormous population, opportunities under the African Continental Free Trade Area (AfCFTA), which is just getting started, as well as the availability of labor and potential for green energy.
Speaking at the US-Africa Leaders Summit themed “The Future of Africa’s Trade and Investment”, President Ruto also used the opportunity to position Kenya as one of the most favourable investment destinations for the abundant US capital.
He stated that as a developing constitutional democracy with a strong financial and commercial ecosystem, Kenya stands out for its competitive edge.
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He obtained pledges in the areas of waste-to-energy solutions, space technology, carbon trading systems, and markets.
Konza Technopolis, the Silicon Savannah, was discussed at the high-level meeting at Arizona State University’s Thunderbird School of Management.
The government announced in June that investors had acquired more than 80% of the available land for the first phase, reviving interest in the technological city, which had waned.
Following the discussion, the parties decided to cooperate with Kenya to progress space technology and build strong creative industries.
The Rockefeller Foundation promised to make Kenya a destination for clean energy, and Kenya also received pledges in the areas of climate innovations, cooperation on carbon removal, and carbon trading technology.
“There was also the commitment on mobilizing the network to extend research for the ethical and responsible deployment of ocean-based carbon dioxide reduction as well as on direct air capture, carbon products, and waste to energy solutions,” read a statement from State House Spokesperson Hussein Mohamed.
Additionally, it was agreed that Kenya would host the Kauffman Fellow Africa Venture Capital Summit in September 2023, which would attract 300 of the world’s top venture capitalists to Nairobi.
The President also obtained Visa’s pledge to support Kenya’s Hustler Fund for Financial Inclusion, e-commerce expansion, and e-government project.
The Hustler Fund has accumulated deposits of about Sh400 million in just 12 days and has given out Sh7.54 billion, according to Monday’s statement from the Head of State. Sh1.2 billion of that amount has already been repaid.
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