President Uhuru Kenyatta and his Swiss counterpart, Alain Berset, have signed a deal to facilitate the return of stolen cash, in a development targeting an estimated Sh72 billion stashed in Swiss accounts.
The crucial agreement clears the way for the recovery of ill-gotten wealth hidden in Switzerland, signalling yet another step in the war against corruption.
Past reports have placed the amounts stashed by Kenyans in Swiss accounts at between Sh51 billion and Sh72 billion.
The Government needs that amount to fund free primary and day secondary education for the current financial year. If shared among the 48 million Kenyans, each person would get Sh1,500.
The two president’s said the agreement would create a mechanism for Kenya to recover money stolen by corrupt individuals and hidden in Switzerland, the United Kingdom and Jersey Island.
The deal comes only days after Switzerland returned $1.2 billion (Sh120 billion) to Nigeria after President Mohamadu Buhari signed an agreement with the Swiss Government early this year.
“We have seen, in the past few months, a new intensity in the fight against corruption in Kenya. Quite frankly, my administration has shown that corruption cannot, and will not, be tolerated,” said the President.