NAIROBI – President William Ruto on February 6 witnessed the signing of a major agreement between Kenya and Toyota Tsusho Corporation of Japan.
The agreement, signed by Trade CS Rebecca Miano, Energy CS Davis Chirchir, Roads, Transport CS Kipchumba Murkomen and Toyota President and CEO Tsusho Ichiro Kashitani, represents an important step towards sustainable development. President William Ruto and World Bank President Ajaypal Singh Banga on the sidelines of the G20 Africa Compact on Economic Cooperation and Promotion of Private Investment, held in Berlin, Germany.
READ: University of Nairobi to pay meals using e-citizen
The deal
The agreement emphasizes investment in the green energy value chain, focusing on projects such as the Meru Wind Energy Project, Menengai Geothermal and Isiolo Solar Energy Projects.
In addition, it promotes electric vehicles, especially hydrogen electric vehicles (HEV), with the aim of strengthening the vehicle assembly industry. The agreement comes a few days after Toyota Tsusho officials traveled to Kenya on January 16 and met with stakeholders including CS Miano and Kenya CFAO representatives.
ALSO READ: Kenya shilling expected to stabilize, Treasury says
Toyota Tsusho Corporation’s involvement in Kenya began in 2012, with the acquisition of CFAO Kenya, formerly Toyota Kenya. CFAO Kenya in the State has a Kenyan car manufacturing plant in Thika.
The government plans to revive this industry to manufacture amorphous alloy transformers, to meet the shortage reported in the past and ensure electricity stability. This partnership is poised to improve the reliability of Kenya’s energy sector, essential for economic growth and stability.
Business CS Rebecca Miano welcomes CFAO Kenya representatives to Toyota Tsusho Corporation. Business CS Rebecca Miano welcomes CFAO Kenya representatives to Toyota Tsusho Corporation.
With the government’s focus on amorphous metal transformers and Toyota Tsusho’s involvement in power generation projects such as the Menengai Power Plant, the country is getting closer to achieving energy efficiency.
Under the agreement, CFAO Kenya, led by Toyota Tsusho Corporation, will support the adoption of hybrid battery and electric vehicles, in line with global efforts for sustainable transport.
