This archive report was first published on 21 October 2019.
On October 21, 2019, Peter Estlin, the Lord Mayor of London, visited Nairobi to discuss how the City of London can support Kenya's Big 4 agenda and business development. The City of London manages assets worth over Sh1,000 trillion.
Estlin believes that UK investment is not just about volume, but also about values. He launched a new UKAid funded report on how Kenyan companies can raise standards on environmental, social, and governance issues to international levels.
The City of London and Kenya already have a strong trade and investment relationship, with British investment creating jobs and opportunities in Kenya. Estlin is keen to support efforts to grow this relationship further.
Kenya's positive trajectory in the 'ease of doing' business rankings, growing economy, and dynamic private sector make it an attractive proposition for UK investors. The two parties can work together to increase investment and create jobs.
One area for future cooperation is fintech, with the UK being one of the world's top three destinations for venture capital investment in fintech. Kenya, home to the mobile money system M-Pesa, is already leading the way in showcasing the positive social impact of fintech.
Estlin met with promising Kenyan fintech start-ups, who explained how their innovative products could benefit companies, investors, and consumers alike. He announced £10 million of new UKAid funding to support the Catalyst Fund, which provides business development and investor readiness support to these start-ups.
