President Kenyatta witnesses signing of $238 million investment deals in the US
President Kenyatta invited more US investors to set shop in Kenya
In the first agreement, the US Overseas Private Investment Corporation (OPIC) and Kipeto Wind Energy Company signed documents to close a $232 million deal in financing for the construction and operation of a 100-megawatt grid-connected wind power plant south of Nairobi.
The plant will provide a more reliable source of energy to the national grid and support the US Power Africa Initiative
The second agreement, signed during the business executives of leading US companies, was a $5 million (Sh500 million) letter of commitment in financing to expand the distribution network of Twiga Foods.
The agreement was signed between Twiga Foods and OPIC, a US government agency.
Kenneth Namunje and Grant Brooke signed for Kipeto Energy and Twiga Foods respectively while Ray Washburne, the President and Chief Executive of OPIC signed on behalf of his organisation.
Open for business
Addressing the US business executives, Kenyatta assured them of his administration’s commitment to remove any hurdle that could impede their operations in Kenya.
“Kenya is open for business and all we want to do is package our partnership in a way that it is mutually beneficial to you as a private sector and the people of Kenya,” President Kenyatta said.
President Kenyatta invited more US investors to set shop in Kenya to benefit from the opportunities created by the Big Four development blueprint projects.
He also noted that Kenya looks to increase the manufacturing sector’s contribution from 8.4 to 15 per cent by 2022.
On provision of Universal Healthcare Coverage (UHC), President Uhuru said his government looks to roll out innovative health insurance options, set up local pharmaceutical companies, upgrade and manage healthcare facilities and set up specialized treatment centres.
The Monday meeting was the third the President was having with members of the BCIU, the last one having been held in 2015.
The BCIU is a US-based organization comprising of 200 member companies.
It helps its members to engage internationally by facilitating mutually beneficial relationships between business and government leaders worldwide.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or: