M a r k e t N e w s

UK to invest Sh20bn in Kenya's Big Four Projects

Posted on : Thursday, 29th July 2021

The government and corporate sectors in the United Kingdom have announced a new investment of Sh20 billion in the Big Four Projects, which include affordable housing and manufacturing.


President Uhuru Kenyatta is in London for a three-day visit that will culminate with him co-chairing the Global Education Summit with Prime Minister Boris Johnson.


UK Foreign Secretary Dominic Raab said at Mansion House in London that Sh5.2 billion in UK aid will be matched by Sh3.5 billion in private investment to build 10,000 green affordable houses for Kenyans.


"The UK government and British firms have put together a Sh20 billion package of new UK-Kenya partnerships to stimulate investment in the area, including the development of new green affordable housing, the connecting of people to clean energy, and the expansion of industry," Mr Raab said.


"This package of improvements will create new employment and provide new opportunities for UK and Kenyan businesses by strengthening the connectivity between Nairobi and the City of London," he said.


The high-quality houses for low- and middle-income families will be energy and water efficient, contributing to Kenya's aim of constructing 500,000 new affordable homes by 2022.


At the Kew Gardens, the President will meet with COP26 President Alok Sharma to commemorate the Kenya-UK Year of Climate Action.


In this context, the UK committed Sh550 million in additional investment to speed Kenya's climate transition, including initiatives supporting renewable energy, clean cooling, and forest restoration, including the Kaptagat Forest.


Mr Kenyatta is also scheduled to sign numerous commercial and security agreements as a result of the trade agreement Kenya struck with Britain in December to ensure an uninterrupted flow of products between the two countries following the UK's withdrawal from European Union trading arrangements.


The UK Foreign Secretary is also scheduled to announce the establishment of the Nairobi International Financial Centre (NIFC) in collaboration with the City of London. This collaboration will strengthen ties between Kenya and London, the world's largest financial centre, therefore reinforcing Nairobi's reputation as a financial hub.


Kenya's Cabinet Secretary for National Treasury and Planning, Ukur Yatani, stated that the NIFC will attract greater investment and funding into the nation through partnership with partners such as The CityUK.


This will contribute to broader efforts to stimulate economic growth in the aftermath of the epidemic, as well as help the fulfilment of economic targets outlined in Kenya's Vision 2030 roadmap.


In addition, the UK would give Sh67 million in additional UK funding for policy advice and technical help to boost the growth of green manufacturing in Kenya, particularly electric vehicle production.


This is an expansion of the UK's Industrial Africa programme, which has previously funded Sh4.2 billion in new manufacturing investment in Kenya.


The completion of the Sh33 billion Kipeto Wind Farm, financed by the UK's Actis in collaboration with the US Government, will be the third contract.


According to Jane Marriott, the British High Commissioner to Kenya, the recently announced UK-Kenya collaborations prioritise Kenyans' interests.


"Our substantial support for affordable housing and green possibilities will create long-term jobs, building on the success of our long-standing partnership," she added.


Mr Raab further stated that the UK government will assist Kenyan companies in capitalising on this trade agreement by financing a Sh2.7 billion digital customs system to facilitate commerce.

Source : rxzkgqn.com
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