Kenya and the U.S. International Development Finance Corporation have agreed to a $1 billion debt-for-food swap, Kenyan President William Ruto said during a visit to Washington this week. The innovative arrangement allows the country to reduce part of its external debt in exchange for redirecting the savings into food security programs.
The announcement marks one of the most prominent efforts by the Trump administration to link U.S. development finance with food security goals in a heavily indebted African economy.
The deal emerged from a meeting between Ruto and DFC Chief Executive Officer Ben Black, according to a statement from Ruto. Black, a former private equity executive, was nominated to lead DFC by President Donald Trump earlier this year and confirmed in October.
About the author
Ayenat Mersie
Ayenat Mersie is a Global Development Reporter for Devex. Previously, she worked as a freelance journalist for publications such as National Geographic and Foreign Policy and as an East Africa correspondent for Reuters.
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