President William Ruto announced a significant development for Kenya following discussions with Ben Black, Chief Executive Officer of the U.S. International Development Finance Corporation (DFC), during his visit to Washington, D.C.
In a social media post, President Ruto revealed that the DFC had agreed to implement a $1 billion (KSh 162 billion) debt-for-food security swap. He indicated this measure would substantially reduce Kenya’s debt obligations by converting high-cost existing loans into more affordable, long-term financing.
“We also express our gratitude to the DFC for agreeing to proceed with the $1 billion debt-for-food security swap, enabling us to replace expensive current debt with more economical funding,” read a portion of Ruto’s statement.
Infrastructure, Energy, ICT, and Food Security
According to the President, the DFC also showed keen interest in increasing its involvement in Kenya across several key sectors, including food security, infrastructure, energy, and information and communication technology (ICT). This aligns with Kenya’s national development priorities.
Ruto stated, “Discussions were held with Ben Black, CEO of the U.S. International Development Finance Corporation (DFC), in Washington, D.C. We welcome the DFC’s readiness to expand its engagement with Kenya in food security, infrastructure, energy, and ICT. This joint advantageous collaboration supports our national priorities and our pursuit of lasting development.”
Energy Projects
Ruto further disclosed that future collaboration will place significant emphasis on renewable energy, with the DFC interested in collaborating on Kenya’s geothermal fields, wind farms, and solar plants.
He affirmed, “There is considerable opportunity for cooperation in energy, particularly in geothermal, wind, and solar, to strengthen our renewable power capacity.”
Ruto also confirmed that the U.S. financing institution plans to assist major infrastructure initiatives, including the enhancement and improvement of key highways, harbor upgrades, improvements at Jomo Kenyatta International Airport (JKIA), and investment in the proposed National Infrastructure Fund.
DFC to establish Nairobi office
Demonstrating a long-term commitment, the DFC will establish a permanent presence in Nairobi starting in January 2026, positioning Kenya as a central regional location for U.S. development financing activities.
“We also identify opportunity for collaborative efforts in infrastructure development, encompassing the enhancement of main roads, harbors, and the modernization of Jomo Kenyatta International Airport. The DFC is also keen to invest in our proposed National Infrastructure Fund, which will help expedite crucial initiatives nationwide,” Ruto stated.
“To further enhance our cooperation, the DFC has also agreed to station a representative in Nairobi from January 2026.”
