UK announces £132m new investments in Kenya

49
600
The 2020 CIP Report has ranked Kenya as the best producer and exporter of goods in East Africa.
Nairobi, Kenya. PHOTO/COURTESY

The United Kingdom (UK) has signed a Memorandum of Understanding (MoU) with the Nairobi International Financial Centre Authority, establishing a formal partnership, including closer collaboration with the London Stock Exchange.

This partnership will help channel international investment into Kenya and the wider region, enabling firms and investors are able to make the most of trade and investment opportunities.

Dominic Raab, UK Foreign Secretary said, “This £132 million package of new UK-Kenya deals from the UK government and British firms will support investment in the region, including building new green affordable homes, connecting households to clean energy, and boosting manufacturing. This package of investments will create new jobs and unlock new opportunities for UK and Kenyan businesses by strengthening the relationship between Nairobi and the City of London.”

British insurer Prudential intends to be the first firm to set up in Nairobi’s new International Financial Centre, while Kenyan mining company Mayflower Gold announced plans to dual list its shares on both the London and Nairobi Stock Exchanges in a deal worth £14 million.

Shriti Vadera, Chair, Prudential PLC: “Africa is an important part of our long term growth strategy and I am delighted that the UK and Kenya are collaborating on financial services, where there are many opportunities for innovation. Prudential is proud to be working with both countries on this initiative. We believe that deepening the financial sector across the continent is key to building and driving economic resilience, development and growth in a region of great promise and opportunity. Joining the International Financial Centre in Nairobi is a testament to our long-term commitment to supporting financial sector development across Africa.”

President Kenyatta also secured the backing of more investors to boost affordable housing and manufacturing across Kenya. £28 million of private investment in Kenyan manufacturing was also confirmed as a result of the UK’s Manufacturing Africa initiative, and UK company ARC Ride announced plans to invest £4.5 million in growing its fleet of electric vehicles in Kenya.

The Foreign Secretary also announced a new £58 million fund, anchored by £35 million of UK government investment, which will finance the construction of 10,000 green affordable homes in Kenya. This is on top of £53 million of investment in Kenyan affordable housing announced during the Foreign Secretary’s visit to Kenya earlier this year.

A new digital customs system for Kenya will make it faster and easier for goods to move between Kenya and the UK, and between Kenya and the rest of the world. Delivered by TradeMark East Africa, and backed by £18 million of UK funding, this will boost Kenya’s economy, allowing firms to take greater advantage of the recently ratified UK-Kenya Economic Partnership Agreement and grow our £1.4 billion mutual trade.

ALSO READ: New US-Kenya trade agreement won’t undermine AfCTA: President Kenyatta

49 COMMENTS

  1. Hi there! I know this is kind of off-topic but I had to ask. Does building a well-established blog like yours take a lot of work? I’m completely new to blogging but I do write in my diary everyday. I’d like to start a blog so I will be able to share my own experience and thoughts online. Please let me know if you have any suggestions or tips for new aspiring bloggers. Appreciate it!

  2. My spouse and I stumbled over here coming from a different page and thought I might check things out. I like what I see so now i’m following you. Look forward to looking over your web page yet again.

  3. I am extremely impressed with your writing skills and also with the layout on your blog. Is this a paid theme or did you customize it yourself? Either way keep up the nice quality writing, it’s rare to see a nice blog like this one nowadays.

  4. Thank you for any other informative blog. Where else may just I am getting that kind of info written in such a perfect method? I have a challenge that I am simply now running on, and I have been at the glance out for such information.

  5. I have been surfing online more than 2 hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. Personally, if all site owners and bloggers made good content as you did, the internet will be much more useful than ever before.

  6. whoah this blog is fantastic i love reading your articles. Stay up the good work! You understand, many individuals are hunting around for this info, you can help them greatly.

  7. Hey excellent blog! Does running a blog similar to this take a lot of work? I have virtually no knowledge of programming but I was hoping to start my own blog soon. Anyway, if you have any recommendations or tips for new blog owners please share. I know this is off topic nevertheless I just needed to ask. Thank you!

  8. Fantastic beat ! I wish to apprentice whilst you amend your web site, how can i subscribe for a blog site? The account aided me a appropriate deal. I have been tiny bit familiar of this your broadcast provided vibrant transparent concept

  9. 3D печать стала неотъемлемой частью медицинской индустрии, предоставляя уникальные решения и возможности для улучшения здравоохранения. Врачи и инженеры используют 3d печать из силикона для создания индивидуальных медицинских имплантатов, протезов и ортезов, точно соответствующих анатомии пациентов.

  10. Kugoo Max Speed

    Электросамокат Kugoo Max Expeditiousness – этто новый эрзац-продукт сверху рынке для людей, кои уважают продолжительное и еще спокойное ятси присутствия на движении. Спирт определен для длительной езды и предельной мощности, чтоб ваша милость могли получать сегодняшний день ферза через езды сверху самокате.
    Kugoo Max Speed

LEAVE A REPLY

Please enter your comment!
Please enter your name here