Kenya, France Sign Ksh150B Investment Deals

Kenyan President William Ruto and his French counterpart Emmanuel Macron have overseen the signing of 11 memoranda of understanding worth about Ksh150 billion aimed at supporting major infrastructure and energy projects in Kenya.

Among the agreements is a Ksh104 billion joint venture to renovate and expand the Port of Mombasa, with French logistics firm CMA CGM committing to refurbish two terminals at an investment of about 700 million euros.

“CMA CGM has agreed to renovate two terminals at the Mombasa Port at a total investment of 700 million euros,” Macron said.

The agreements come as the Kenya Ports Authority reports growing container traffic at the port, with volumes rising from about 1.4 million to 2 million, fuelling calls for expansion to improve turnaround time.

France also committed to expand the Kipeto wind power project by an additional 100 megawatts at a cost of about Ksh32.5 billion, with Macron saying the overall package of projects would be worth about one billion euros.

Macron also said France was willing to work with Kenya on nuclear energy, as Nairobi seeks support to develop its first nuclear power plant in Siaya County.

“Nuclear energy is what we have been doing since World War II… We know how to produce it in a safe way,” Macron said.

Ruto said Kenya will benefit from France’s expertise in nuclear energy, saying it will support his plan to transform the country.

The deals also cover cooperation in agriculture, manufacturing, renewable energy, pharmaceuticals, digital innovation and agro-industrial development.

The agreements come weeks after the National Assembly approved a five-year renewable defence cooperation deal between Kenya and France, aimed at deepening military ties, intelligence sharing and joint training.

The arrangement has seen about 800 French soldiers arrive in Mombasa for training, raising sovereignty concerns in some quarters.

Prime Cabinet Secretary Musalia Mudavadi defended the cooperation, saying intelligence sharing is necessary in tackling terrorism.