The National Treasury of Kenya has successfully secured a Ksh22 billion (150 million euros) loan from the Italian government, announced on Monday, March 18.
The concessional loan, as disclosed by the national treasury, is intended to bolster the government’s budgetary efforts. Among the attendees at the signing ceremony held in Nairobi were Italian Minister of Foreign Affairs Stefano Gatti, Italian Ambassador to Kenya Roberto Natali, and Kenya’s Treasury Principal Secretary Chris Kiptoo.
“This support is contingent upon the successful implementation of the reform measures outlined in the 6th Devt Policy Operation DPO 6,” stated a portion of the treasury’s announcement.
The meeting focused on development prospects, with a specific emphasis on sustainable coffee supply chains. The Italian government affirmed that the multilateral agreement would align with the Italy-Kenya Multi-Year Indicative Plan signed in 2023 and adhere to the Mattei Plan framework.
During their visit, the Italian delegation also toured the Coffee Research Institute, gaining insights into the various varieties of Kenyan coffee.
This recent agreement follows closely on the heels of a Ksh20 billion loan secured from the French government three weeks prior. The funds from this earlier deal are earmarked for revitalizing the Nairobi Commuter line, implementing automated fare collection, enhancing civil works, and procuring ICT equipment.
“In a major step towards sustainable urban development, a Euro 128 million Loan Agreement for Nairobi’s Commuter Line was signed,” noted a statement from the National Treasury.
Earlier in January, President William Ruto endorsed Italy’s commitment to closer cooperation with Africa during the Italy-Africa summit in Rome. He praised the Mattei plan as a significant initiative, signaling a positive shift in Europe’s engagement with the continent.
“Every journey begins with one simple step. And I think that the most important step has been made, that we are recalibrating our relationship with Italy as a continent,” remarked President Ruto during the summit.
