This archive report was first published on 23 November 2019.
Published on November 23, 2019, the European Union (EU) has pledged to invest KSh2.8 billion in Kenyan businesses.
The funding will be limited to businesses whose scope is renewable energy and climate change, according to EU representative to Kenya, Ambassador Simon Mordue.
"The EU has many ways to support the private sector. Blending these opportunities can leverage 1.5 billion Euros to invest in Kenya annually," Ambassador Mordue emphasized.
Kenya National Chamber for Commerce and Industry president, Richard Ngatia, highlighted the importance of an EU-Kenya partnership, citing the need for a more SME-friendly regulatory environment.
The European Union is a political and economic union of 28 member states, primarily located in Europe.
Kenya mainly exports agricultural commodities, including cut flowers, fruits, and vegetables, to the EU, accounting for over 90% of total export value.
The EU remains Kenya's second-largest market after COMESA.
