How Kenyans Will Benefit Economically As Ruto's State Visit To US Is Termed A Success

• President William Ruto's recent state visit to the United States has been hailed as a great success, promising significant gains for Kenya
• A significant outcome of the visit is Coca-Cola's commitment to billions of investments in Kenya over the next five years, including a new bottling plant worth KSh 175 million
• Kenya and the US also signed a multi-billion shilling deal for the construction of the Nairobi-Mombasa Expressway, known as the Usahihi Expressway

Elijah Ntongai, a journalist at TUKO.co.ke, has more than three years of financial, business, and technology research expertise, providing insights into Kenyan and global trends.

President William Ruto's recent state visit to the United States has been declared a great success, with significant gains anticipated for Kenya.

Government spokesperson Isaac Mwaura has emphasised the importance of this visit, which marks a historic milestone as the first by an African head of state since 2018 and the first by a Kenyan president in two decades.

"The president’s US visit, themed, “Partnership for Prosperity”, will strengthen the partnership between Kenya and the US. And that will also enhance our collaborations in trade, climate change, and regional security," Mwaura said in a statement on X.

Which benefits will Kenya get from US visit?

During his visit, President William Ruto met with US President Joe Biden in Washington, DC, where they discussed several key areas of cooperation.

The envisaged benefits from the trip include health and education partnerships, global democracy partnerships, trade and security partnerships, and investments in the creative economy.

According to Ruto, Coca-Cola will inject money into the Kenyan economy within the next five years to expand its business operations. One of its first projects will be a new bottling plant worth KSh 175 million.

“Kenya welcomes Coca-Cola’s announcement to invest KSh 23 billion over the next five years to expand its operations in the country. This is a milestone in the firm’s presence in Kenya and Africa, a testimony that we must sustain our strong collaboration for us to grow,” Ruto wrote on Twitter.

Mwaura stated that the investment by Coca-Cola will generate more than 3000 jobs for Kenyans.

Other Key deals signed between Kenya and US

Construction of Usahihi 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.

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).

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.

Apart from the direct benefits from these projects, the government expects them to increase job creation.

Strengthening of the Kenya shilling

Additionally, forex market speculators and players are predicting further strengthening of the Kenya shilling following the US visit.

As reported earlier on TUKO.co.ke, the influx of dollars through foreign direct investments and deals signed during the US state visit could strengthen the CBK's foreign exchange reserves, thus improving the shilling in the forex market.

Proofreading by Otukho Jackson, a multimedia journalist and copy editor at TUKO.co.ke