The handover ceremony of the outgoing KFW directors
In a colourlful farewell ceremony held at Riverside Square in Nairobi, the Economic Planning Principal Secretary James Muhati delivered a Keynote address on behalf of the National Treasury and Economic Planning Cabinet Secretary, CPA John Mbadi Ng’ongo.
CS John Mbadi was invited as the Chief Guest to address the development partners as well as bid farewell to the outgoing KFW Directors; Oskar von Maltzan of KFW and Antje Steiner of KFW-DEG who had served their five year term in Kenya.
KFW is a German state-owned investment and development Bank, based in Frankfurt. It was formed in 1948 after World War II. It creates prospects worldwide by building up infrastructures, alleviating poverty and hunger, providing access to education and health care.
While delivering the speech, the PS James Muhati acknowledged the close bond shared between Kenya and Germany during the five year term.
He highlighted Germany as one of the primary bilateral development partners with their commitment of over 2.5 billion Euros to various sectors including; water, energy, agriculture, infrastructure, education, youth employment promotion and vocational training.
PS James Muhati stated that with the new leadership, the Government aims to strengthen the already established cooperation and expand investment networks as articulated in the Government blue print, The Kenya Vision 2030.
In addition to this, the Bottom-Up Economic Transformation Agenda(BETA)
as stipulated in the Fourth Medium Term Plan (MTP IV) of the Kenya Vision 2030, offers numerous investment opportunities for mutual beneficial financial cooperation in at least five core pillars which include: Agriculture, Health Care, Housing and Settlement, Micro, Small and Medium Enterprises (MSMEs) Economy, and Digital Superhighway and Creative Economy.
He highlighted that the government of the Federal Republic of Germany, through KFW signed a financing agreement worth Euros 60 million (Ksh. 8.5 billion) for the Development Policy Operation for supporting Government reforms.
He also stated that the Government of Kenya appreciates KfW’s support in the finalization of the sustainable linked bond framework.
“The Government of Kenya is implementing bold policy responses to mitigate against the negative global and persistent shocks that have pushed the Kenyan economy to its lowest vibrant level,” he stated.
Additionally, he said that the MTP IV initiative aims to slow down public debt growth. The initiative is set to enhance the Country’s debt sustainability position as well as uphold the principle of intergenerational equity in Kenya’s development Agenda.
In attendance were; Ms.Christine Laibach, a Member of KfW’s Executive Board in charge of International Financing, Mr. Christoph Tiskens, KfW Director for Eastern Africa and the AU, representatives from the German Embassy and the German Delegation to Kenya, Cabinet Secretary for Water, Sanitation and Irrigation Eng. Eric Muriithi Mugaa, and the Principal Secretary Julius Korir among others.
