Kenya woos international investors to finance Sh790 trillion big-Industrial projects
Posted on : Tuesday, 25th November 2014
State woos international investors to finance Sh790 trillion big-ticket projects It has not escaped the attention of many that enthusiastic foreign investors made a beeline for Nairobi last week eager to clinch deals in Kenya, which is considered the financial and business hub of the East African region. These investors are positioning themselves to or have already clinched lucrative contracts for several mega projects in Kenya. The list of projects covers the entire spectrum of the economy, from infrastructure and energy, to transport, irrigation and the building of resort cities.
These projects the Government has lined up as part of its long-term development plan, Vision 2030, are worth an estimated Sh790 trillion. Kenya has been singled out for its geographic location, educated population and big plans for energy, roads, rail, ports and other infrastructure projects that are either in the pipeline or at various stages of completion. Â Encouraging exploration The East African region in general has been gaining even more investor attention after a devastating Ebola outbreak hit parts of West Africa. Further, discoveries of large volumes of gas and oil have made the region the new darling of investors. For instance, in a statement earlier this month, Elisabeth Proust, the CEO of Total Upstream Company in Nigeria raised concern that Nigeria was no longer the preferred destination for oil exploration in Africa. Instead, she said, this honour went to East Africa, which Ms Proust partly attributed to the region’s roll out of attractive terms and incentives designed to encourage exploration. Kenya boasts other attractive assets, including a liberalised economy and growing domestic market.
