This archive report was first published on 23 November 2019.
On November 23, 2019, Kenya's government invited French investors to put their money into two projects aimed at expanding Nairobi's central business district and 'remodeling' Eastlands. The government is seeking Sh28 billion for the Railway City project and Sh358 billion for the Eastlands Urban Renewal Project through public-private partnerships.
Housing Principal Secretary Charles Hinga urged a delegation of French businesses to increase their investment in the projects, citing opportunities in the projects. He noted that land was a headache for investors, which is why the government had opened up over 400 acres for the Railway City to the private sector.
Mr Hinga emphasized that the government wanted to engage with serious investors who could put their money behind their words. He stated, 'There will be various components that will be available to French investors to come and engage us... The entire 400 acres will not be given to just one person, we want to engage with serious people who can put the balance sheet behind their mouth.'
The French companies involved in the projects are part of Business France, an agency that promotes French firms internationally. They include Tactis, Ragni Groupe, Architecture Studio, Archetype Group, Interhydro, and Elydan Ryb, which are involved in construction, architecture, energy, and IT.
The Railway City project is expected to be completed in the next 20 years and will involve three phases, with railway infrastructure taking up a huge chunk of the project at Sh17.5 billion. The project also includes water supply and construction of roads and pavements that will take Sh3.9 billion and Sh2 billion respectively.
Since last year's State visit by French President Emmanuel Macron, companies from the European country have increased their activities in Kenya, with deals worth three billion Euros in the pipeline.
