List Of 5 Multibillion Project Deals Ruto Signed With US During State Visit

• President William Ruto has finalised his four-day US state visit, which caused debate online over the amount he spent on the trip
• Ruto and his entourage are poised to have brought back home multimillion-dollar investments and deals
• The head of state secured funding support for key projects, including the construction of the Nairobi-Mombasa Expressway and the Affordable Housing scheme
• Others included deals like the KSh 23 billion Coca-Cola investments that will see a KSh 175 million new beverage plant built in Nairobi

TUKO.co.ke journalist Wycliffe Musalia brings over five years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

President William Ruto has concluded his four-day state visit to the United States of America (USA).

The controversial trip, during which Ruto spent an estimated KSh 200 million to hire a private jet, resulted in multibillion-shilling investment deals.

What are the main areas of Ruto's US deal?

A White House fact sheet published on Thursday, May 23, indicated the key areas of the multimillion-dollar partnership, including Trade and Investment, Development, and Sustainable Finance.

The two nations signed key trade and investment projects, including the construction of the Nairobi-Mombasa Expressway, affordable housing project support, and clean energy.

List of major projects to receive funding from Ruto's US visit

1. Construction of Nairobi-Mombasa Expressway

Kenya and the US signed a multi-billion shilling deal to construct the Nairobi-Mombasa Expressway, dubbed Usahihi Expressway.

The Kenya National Highways Authority (KeNHA) inked a KSh 478.3 billion deal with US-based private equity Everstrong Capital LLC to commence construction, which will take 3-4 years.

2. Affordable housing project

Ruto's affordable housing scheme received a share of $180 million (KSh 23.9 billion).

The funding is under the $250 million (KSh 33.2 billion) new investment funding by the US through the International Development Finance Corporation (DFC).

The deal adds up DFC's total financing portfolio in Kenya to $1 billion (KSh 132.6 billion).

3. Clean energy connection project

The US committed $3.6 million (KSh 477.6 million) to finance the connection of clean electricity to more homes, businesses, and institutions in Kenya.

US company Virunga Power announced a $100 million (KSh 13.3 billion) deal to finance hydropower projects in Kenya for the next five years.

This is expected to provide 31 megawatts of clean, baseload renewable energy.

4. Food security projects

The US committed to enhancing food security in Kenya through USAID projects amounting to $15 million (KSh 1.9 billion) to alleviate poverty and malnutrition.

It also committed to creating over 50,000 new jobs, catalysing over $200 million (KSh 26.5 billion) in new agricultural sales, and mobilising over $200 million in new finance for agriculture.

What are the other US-Kenya trade deals?

Part of the trade and investment deals signed during Ruto's visit to the US was the Coca-Cola investment.

Coca-Cola signed a KSh 175 million deal out of its total investment in Kenya to build a new bottling plant in Nairobi.

The company planned to invest KSh 23 billion in the country's economy.

What to know about Ruto's US state visit

• The US firm that inked the deal with the Kenya National Highways Authority (KeNHA) to construct the Nairobi-Mombasa Expressway said the majority of the funding will come from Kenya.
• Ruto committed to giving tax incentives to US investors interested in opening businesses in Kenya.
• He announced the elimination of all taxes for the first 100,000 electric cars in the 2024-2025 financial year budget.

Proofreading by Mercy Nyambura Guthua, journalist and copy editor at TUKO.co.ke