Japan will provide up to 25 billion yen ($169 million) in Samurai funding to Kenya to support the country's vehicle assembly and energy sectors. The agreement was signed by Kenyan Foreign Minister Musalia Mudavadi and the CEO of Nippon Export and Investment Insurance

Mudavadi signed the agreement with Atsuo Kuroda, CEO of Nippon Export and Investment Insurance (NEXI). He said the device would strengthen the local Kenyan vehicle assembly and spare parts manufacturing industry, while addressing electricity transmission and distribution losses, which currently account for around 23% of

Furthermore, this agreement comes as Kenya is negotiating a separate road map with China to restructure some of its dollar-denominated debt into yuan and extend repayment terms in order to reduce the cost of sovereign borrowing. Kenya spends around $1 billion a year to service its obligations to China, its main bilateral creditor