By Joyce Nzomo
President William Ruto delivered a keynote address at the ninth Tokyo International
Conference on African Development (TICAD 9) plenary summit on the society pillar in
Yokohama City, Japan.
Japan has extended up to Sh21.7 billion (25 billion yen) to support Kenya’s vehicle
assembly and energy sectors, following the conclusion of the three-day conference
yesterday.
The agreements 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,’’ said Mudavadi.
According to documents seen by Saturday Standard, between Sh10.5 billion and
Sh13.1 billion will support the National Automotive Policy, Sh5 billion will go towards
procuring high-capacity transformers to reduce electricity transmission losses, while
Sh4 billion will provide general budget support, focusing on projects exempted from
environmental impact assessments.
The agreements come as Kenya negotiates with China to restructure part of its dollar-
denominated debt into yuan and extend repayment terms in a bid to ease sovereign
borrowing costs.
President Ruto has maintained that the government is shifting away from short-term
financing risks and expensive debts, noting that the country is exploring 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 communiqué emphasizing the
importance of multilateral trade in countering global protectionist trends.
Thirty-five leaders from across Africa, together with their host, endorsed the Yokohama
Declaration, which outlines plans to strengthen ties between Africa and the Indo-Pacific
region. The declaration incorporates a new economic initiative unveiled by Japanese
Prime Minister Shigeru Ishiba.
“We will work to expand investments for Africa’s future, enhance industrial cooperation,
and develop human resources,” Ishiba said at a joint press conference as co-chair of
the conference.
The summit, held under the theme “Co-create Innovative Solutions with Africa,” focused
on strategies to support African countries through innovation, sustainable growth, and
resilience.
Leaders were urged to invest in their people to ensure that growth translates
into real impact at the grassroots level.
During a plenary session on the societal pillar, President Ruto challenged fellow leaders
to build resilient, adaptive, and inclusive societies as a foundation for Africa’s
transformation.
He noted that the continent is endowed with natural resources and a
youthful population of nearly 400 million, full of creativity and innovation.
Japan also pledged to nurture experts in artificial intelligence to help African nations
spur economic growth and address social challenges.
The conference concluded with the signing of 64 cooperation documents and more than
300 agreements.
