Mar 15, Kathmandu: The governments of Kenya and Italy have signed a bilateral agreement to expand bilateral cooperation in various fields.
The agreement was signed on Tuesday in Nairobi, the capital of Kenya. The agreement, which was signed in the presence of Kenyan President William Ruto and Italian President Sergio Mattarella, is expected to boost bilateral relations between the two countries.
"We have signed an agreement through which our two countries are expected to cooperate in the implementation of reform programs in the health sector and the production of improved medicines," said a statement released after the signing ceremony.
Ruto has pledged that the two countries will work together again to build two dams in the northwestern part of the country. These projects are equally important for food security. Similarly, both countries have also agreed to remove non-tax barriers to encourage trade and investment. They will negotiate exemptions from double-taxation agreements that will increase foreign direct investment.
In order to improve the trade balance between the two countries, it is said that both leaders Matarella and Ruto have their views on the opportunities in the fields of agro-industrial, information and communication technology, and biofuel projects.
At the meeting, Italy pledged 14 billion Kenyan shillings (US$108.5 million) in grants and soft loans covering projects in agriculture, micro, small and medium enterprises (MSMEs), housing and urban settlements, health, and digital super highways, among others.