M a r k e t N e w s
Kenya Signs MoUs Worth Sh28 Billion with France For Infrastructure Development
Posted on : Wednesday, 6th April 2016
Kenya has signed seven memorandums of understanding that will see the country receive upto 250 million euros (Sh28.8 billion).
The agreements were signed after President Uhuru Kenyatta met his French counterpart Francois Hollande for bilateral agreements.
The financing are a culmination of both grants and loans negotiated through the national Treasury to finance several infrastructure projects in the country.
This is the first time the presidents of the two countries are meeting in fourteen years.
Cabinet Secretaries Amina Mohamed, Henry Rotich, Najib Balala and Eugene Wamalwa have accompanied President Kenyatta on the state visit.
A bulk of the money Sh13.8 billion (120 million euros) will be used for financing the Last Mile Connectivity Programme.
Of this 90Million is being given to the country as a Concessional Loan while the remainder 30 million euros as a grant.
MERU WIND FARM
The French government is also giving Sh15.1bn (15 million euros) for the phase two of the Roads 2000 Programme, Sh60 billion (60 million euros) as a non sovereign loan for the Meru Wind Farm.
19 million euros for the Ruiru II Dam that will see an increased water supply in the cosmopolitan Nairobi area.
The bilateral talks also saw Treasury CS Henry Rotich secure 33million for the East Africa Development Bank.
"I urge you to invest in the agro-processing of imports of Kenya's renowned quality coffee, tea, cut flowers, fruits and vegetables," President Uhuru said.
Earlier in the day Mr Kenyatta had a private familiarisation tour of the General Directorate for External Security where he was briefed on security matters by French security officials.
The two countries have promised to work together in the face of the global threat of terrorism.
Trade volumes between Kenya and France doubled from 104 million euros in 2013 to 213 million euros in 2014
Source : allafrica.com
