President Uhuru Kenyatta urged UK investors to explore Kenya's $5 billion in immediate public-private partnership (PPP) opportunities, emphasizing the nation's economic resilience and business-friendly environment during a London forum.
The President outlined 10 infrastructure and healthcare initiatives available under the PPP framework, including the Nairobi Smart Street Lights Project, Galana Kulalu Food Security Program, and Mombasa Industrial Park. Discussions with the UK's Export Finance (UKEF) aim to secure financing for British companies pursuing these ventures, he stated.
Kenyatta announced a Memorandum of Understanding between Kenya's National Treasury and the Private Sector Infrastructure Development Group (PIDG) to access $1.3 million in funding for early-stage PPP development. The agreement with the Foreign Commonwealth Development Office (FCDO) aligns with Kenya's goal of constructing 500,000 affordable homes by 2022, supported by UK Aid matching private investments.
A partnership between the Nairobi International Financial Centre (NIFC) and TheCityUK was formalized to promote cross-border business collaboration. The NIFC, launched after years of planning, will prioritize green finance, fintech innovation, and attracting regional financial headquarters to Nairobi.
The President highlighted Kenya's projected 7% economic growth post-pandemic, noting a decade-long average of 6% expansion. He credited prudent fiscal management, low inflation, and improved infrastructure rankings for the nation's appeal, while acknowledging ongoing efforts to rationalize public spending and enhance tax administration.
UK Foreign Secretary Dominic Raab announced Shs 20 billion in new investments for Kenya's Big 4 Projects, including Shs 5.2 billion in UK Aid for 10,000 energy-efficient affordable homes. The initiative aligns with Kenya's 2022 housing target and green finance strategies, supported by a framework for green bonds developed with UK assistance.
