More goodies for Kenya from Ruto's just-concluded US state visit

Affordable student housing units, hospital oxygen and electrical motorcycles, buses, and their charging stations are some of the extra goodies Kenyans will get following President William Ruto's state visit to the US.

This follows a decision by the US International Development Finance Corporation (DFC) to double its commitments to Kenya's development, with investments worth at least $1 billion in energy, e-mobility, and infrastructure.

The projects include several multimillion-dollar commitments for critical projects in Kenya, such as financing new, affordable student rental housing in Nairobi, bolstering digital connectivity throughout the country, and advancing e-mobility and renewable energy, building on longstanding DFC support.

Chief Executive Officer (CEO) Scott Nathan announced a new financing package that underpins Ruto's priorities for economic engagement with the United States.

"The US and Kenya have strong ties that include a robust relationship with the private sector," he said in a statement issued by the firm.

The commitment will see $180 million given to Acorn Holdings Limited, which will finance the construction and operation of new, affordable student rental housing in Nairobi and across Kenya.

"This transaction will help address a critical need and is a strong example of the power of whole-of-US government support for the private sector as it pursues projects that deliver for the people of Kenya," Nathan said during a signing ceremony alongside Acorn Holdings CEO Edward Kirathe in Washington, DC.

Another $51 million loan will be advanced to M-Kopa Kenya Limited to support digital connectivity throughout the country by helping underserved communities access affordable smartphones.

An additional $10 million loan will go to Mogo Auto Kenya and a $10 million loan to BasiGo to advance e-mobility in Kenya, in support of President Ruto's Africa Green Industrialization Initiative.

The financier also announced plans to expand its on-ground presence by opening an office at the US Embassy in Nairobi to support private sector development in Kenya and across Africa.

Recent projects by the institution include a $10 million loan to Roam Electric Ltd. to support the design and development of electric motorcycles and buses, as well as their charging stations, throughout Kenya.

A $500,000 technical assistance grant to Pezesha Africa Limited will provide the enterprise with capital to leverage data science, machine learning, and other advanced computing technologies to further develop its credit scoring algorithm, enhancing its sustainable lending practices to small businesses in sub-Saharan Africa.

A $10 million direct loan to Kenyan company Hewa Tele will help provide an affordable and regular supply of medical oxygen to healthcare facilities in Africa, while two rounds of an equity investment totalling $4 million will go to Kasha Global.

Kasha Global is a Kenya-based e-commerce company that provides personal care, healthcare, and beauty products to low-income women in Kenya and Rwanda.

Kenya will benefit from more than $250 million of the new DFC financing package for the region.

"These projects serve as among the most tangible demonstrations of America's commitment to partnering with Kenya, and the region, as well as DFC's commitment to building on existing investments to create jobs and spur economic growth," the statement added.

The Nairobi office will significantly increase DFC's capacity for business and catalyse investment in vital sectors in Kenya and the region.