Kenya has officially signed a Samurai Bond with Japan worth a staggering Ksh80 billion. Speaking from Tokyo, Japan, Treasury Principal Secretary Kiptoo revealed, “This agreement enables Kenya to issue a Samurai Bond totaling USD500 million (Ksh80 billion) in two phases of USD 250 million each.”

He further emphasized that the funds from the bond will be channeled towards supporting e-mobility initiatives, including the promotion of electric vehicles and enhancing energy efficiency in Kenya’s transmission network.

President William Ruto, who is currently on a three-day visit to Japan, expressed his enthusiasm for the partnership, stating, “The Samurai Bond will strengthen ties for industrial development and green growth, as well as promote Japanese companies in Kenya.”

Furthermore, the National Treasury highlighted the strategic importance of the bond, citing the upgrading of transformers to reduce energy losses in Kenya’s transmission network.

In addition to the Samurai Bond, President Ruto has secured substantial funding for various projects during his visit, including the Ksh15 billion Meru Wind Farm Energy, Ksh8 billion Isiolo Solar Energy, and Ksh800 million Thika Vehicle Manufacturers projects.

He also received Ksh75 billion in funding for the Menengai Geothermal plan and electrified vehicle promotion.