President Ruto receives a Ksh 38 billion loan from the Indian government to support agriculture
President William Ruto on Tuesday obtained a Ksh38.3 billion loan from the Indian government intended for the modernization of the nation’
President William Ruto with India Prime Minister in Kenya, Photo Courtesy Kenyans
On Tuesday, December 5, President William Ruto obtained a Ksh38.3 billion loan from the Indian government intended for the modernization of the nation’s agricultural sector, two weeks after obtaining loans totaling Ksh1.8 trillion from the World Bank and Ksh142.8 billion from the International Monetary Fund and days after securing an additional Ksh12.3 billion loan from the African Development Bank (AfDB).
While on a three-day state visit to India, President William Ruto and Indian Prime Minister Narendra Modi signed five Memorandums of Understanding (MOUs).
Trade, agriculture, security, and foreign relations are just a few of the economic sectors that are covered by these accords.
Following the discussion, India’s Prime Minister Narendra Modi issued a statement saying, “I am confident that President Ruto’s visit to India will not only strengthen bilateral ties but will give new momentum to our engagement with Africa.”
In keeping with its geopolitical plan, which has seen it gain diplomatic traction on the continent over the past ten years, Prime Minister Modi added that India is eager to deepen its connections with African nations.
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As a result, Kenya stands to gain much from their cooperation in areas of shared interest.
Modi and President Ruto also decided to strengthen counterterrorism cooperation to contain the world’s growing instability.
Ruto, for his part, commended Modi for hosting the G20 and drew comparisons with his victory earlier in the year when he was acclaimed for organizing the Africa Climate Summit.
“After the meeting, I realized that, when it comes to matters concerning the reform of the international financial architecture, especially for those of us from the Global South, I have a lot in common with the Prime Minister of India. We need to make sure that it serves everyone equally, in a balanced, and democratic manner.”
Ruto claims that since the 1.4 billion individuals who make up the continent had their interests represented throughout the summit, Modi’s decision to host G2O was a significant victory for Africa.
