President Uhuru Kenyatta emphasized Kenya's appeal to UK investors during a London business forum, showcasing 10 public-private partnership (PPP) projects valued at over $5 billion. The initiatives include the Nairobi Smart Street Lights Project, Nairobi Bus Rapid Transport System, and the Galana Kulalu Food Security Project, among others.
The President announced ongoing discussions between Kenya's National Treasury and the UK's Export Finance (UKEF) to facilitate financing for British companies pursuing PPP investments. He also outlined plans for a Memorandum of Understanding (MoU) with the Foreign Commonwealth Development Office (FCDO) to secure $1.3 million in funding for early-stage PPP project development.
Kenyatta highlighted Kenya's economic resilience, citing a projected 7% growth rate post-pandemic and an average 6% growth over the past decade. He credited prudent fiscal policies, low inflation, and improved infrastructure for creating a favorable business environment. The Nairobi International Financial Centre (NIFC), set to open soon, aims to attract global financial firms seeking regional hubs in Africa.
UK Foreign Secretary Dominic Raab announced Shs 20 billion in new investments for Kenya's Big 4 Projects, including 10,000 energy-efficient affordable homes. This initiative, backed by Shs 5.2 billion in UK Aid and Shs 3.5 billion in private investment, aligns with Kenya's 2022 target of 500,000 new affordable housing units.
The event featured a partnership agreement between the Nairobi International Financial Centre and TheCityUK, a London business lobby group, to promote cross-border investment. Kenyatta reiterated Kenya's commitment to green finance, citing its framework for green bonds developed with support from the UK Department for International Development.
