More US firms now seeking to venture in Kenya s infrastructure and energy

Posted on : Monday, 15th December 2014

A delegation of 10 US companies have last week met local investors in a bid to build investment networks in energy, infrastructure and agribusiness. The delegation of 15 representatives from the companies was led by Corporate Council for Africa, an American-based business lobby firm.

The Corporate Council for Africa President Mr. Stephen Hayes was quoted as saying that Kenya is one of the ideal investment places because it is part of the Power Africa – an initiative by Obama to increase energy generation and access to sub-Saharan Africa.

He said that they were in the country to identify companies they could work with. They also plan to establish long term relationships with the Kenya Private Sector Alliance.
“No agreements have been signed yet, but we hope that subsequent trade missions will result in solid partnerships. We hope that in the next three years, 90 American companies will have firmly invested in different sectors of the Kenyan economy,” said Mr Hayes.

He cited General Electric’s efforts in creating a more centralized investment opportunity in the country. The company has already provided US$2 billion as funds for the Power Africa campaign. The campaign has received a total of $14 billion from the Obama administration according to the latest announcement.