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Ksh14.6 Billion Deal Signed Between Kenya and Japan for Infrastructure Development

BY Soko Directory Team · July 4, 2017 02:07 pm

The government of Kenya has signed a 14.6 billion shillings deal in loans, grants and aid with the government of Japan for the purpose of to improving infrastructure and security ventures.

The signed agreement includes an 11.8-billion-shilling loan that will be used to complete the second phase of Mombasa Port Road development project, and two grants of 2.4 billion shillings and 273 million shillings.

As reported by the Business Daily Newspaper, the two grants, respectively, will be used to expand a three-kilometre stretch on Ngong Road, Nairobi, into a dual road and to buy patrol motor boats for marine police.

The 11.8-billion-shilling loan has a repayment period of 30 years and will attract a 1.2 percent interest rate, according to the agreements signed between Treasury Cabinet Secretary Henry Rotich and Japanese Ambassador Toshitsugu Uesawa.

The CS said the government will see that the money is used prudently to ensure the intended economic impacts are realized.

“The signing of these financing agreements is a clear indication of our very strong and close bilateral cooperation between the two countries. We will ensure that it is put to proper use,” said Mr.Rotich.

According to the Treasury, Kenya has received approximately 512.7 billion shillings in financial and technical assistance from the government of Japan since the beginning of bilateral ties between the two nations in 1964.

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