Kenya’s automotive and renewables sectors have been given a Ksh100 billion boost.
African Business Communities reports that Japan’s Toyota Tsusho Corporation has signed a framework agreement with the East African country that includes investing an initial Ksh800 million in a vehicle manufacturing facility, Kenya Thika vehicle manufacturers.
President William Ruto said the goal was to ensure the affordability of locally manufactured vehicles, thus discouraging the purchase of used cars.
‘We must have a balance between the number of imported and newly manufactured vehicles,’ he said.
The framework agreement also seeks to promote collaboration on renewable energy. The deal will see Ksh15 billion invested in the Meru wind farm, Ksh8 billion in the Isiolo solar PV project and Ksh75 billion in the Menengai geothermal plant.
The promotion of hydrogen electric vehicles and hybrid vehicles is also included in the deal.
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