The European Union (EU) on Thursday officially launched its External Investment Plan (EIP) with the private sector in Kenya which will contribute to its economic growth.
The plan was launched in Nairobi during an outreach workshop held in Nairobi that focused on private sector support through innovative guarantee products.
The EIP will play a vital role in contributing to the creation of sustainable investments and job creation while fostering innovation. It will also help in sustainable financial growth in the framework of an integrated and participative approach as well as strengthen economic and commercial ties between Europe and Africa.
The main objectives of the EIP is to uplift private and public investment through a variety of financial instruments, including grants provided by the European Union backed up with loans from International and European Financial Institutions as well as an innovative guarantee facility.
“I welcome this initiative that will boost both private and public investment in Kenya, enhancing a favorable investment climate and creating jobs especially for young people,” said Mr. Walter Tretton, EU’s Chargé d’Affaires, in a statement.
Loan unifying operations of the EIP in Kenya include projects in the transportation, energy, water and sanitation. More recently, the EU have been putting a much stronger emphasis on the private sector in order to lift its potential as a key contributor to national and global development goals.
The event also included a panel discussion on business climate in Kenya in which representatives of the Government, Kenyan business associations, the European Business Council in Kenya, the World Bank and the EU Delegation to Kenya exchanged views on what is and what is to be done.