President Uhuru Kenyatta and Indian Prime Minister Narendra Modi signed and exchanged a bilateral agreement to loan US$100mn to Kenya to assist with agricultural mechanisation in the East African nation.
Uhuru Kenyatta and Narendra Modi signed a credit deal to fund Kenya’s aim to mechanise its agricultural sector. The deal was signed in New Dheli on 11 January.
Kenya is hoping to increase the number and the value of its exports to India by shifting its export base from agriculture and mineral based products to value added manufacturing products.
The overall aim is that in partnership with India, the technology transfer will assist Kenya’s capacity to add value to its natural resources vis a vis products.
The government is keen to increase the volume and value of Kenya’s export base from agriculture and mineral-based raw products to value added manufacturing products,” said Mr Kenyatta at a joint press briefing with Prime Minister Narendra Modi in New Delhi.
According to Business Daily, ‘Several Indian multinationals have business interests in Kenya, including the ongoing construction of a power transmission line under a Line of Credit of Sh6.16bn (US$61.6mn).