President6 Uhuru Kenyatta landed deals worth Sh20 billion on the first day of his 3-day trip to the UK.
Uhuru lands Sh20 billion deals on first day of UK state visit
Uhuru was able to mobilise new investments from the UK government and private businesses.
President Kenyatta was able to mobilise new investments from the UK government and private businesses.
UK Foreign Secretary Dominic Raab said that UK Aid would pump Sh5.2 billion into the construction of 10,000 green affordable homes.
Private investments into the same project totalled Sh3.5 billion in addition to the UK government’s commitment.
“This Sh20 billion 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," Raab said.
“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,” he added.
The energy and water-efficient houses for poor and middle-income households will contribute to Kenya's objective of creating 500,000 new affordable homes by 2022.
In cooperation with the City of London, Uhuru saw the launch of the Nairobi International Financial Centre (NIFC). This cooperation will strengthen ties between Kenya and London, the world's most important financial center, enhancing Nairobi's position as a financial hub.
Kenya's Cabinet Secretary for National Treasury and Planning, Ukur Yatani, stated that the NIFC will draw greater investment and funding into the country through partnership with partners such as The City of London.
The United Kingdom also announced Sh550 million in additional investment to help Kenya speed up initiatives that promote renewable energy, clean cooling, and forest restoration, including the Kaptagat Forest.
Britain also committed Sh67 million to support the development of Kenya’s manufacturing sector, particularly in the assembly of electric cars. So far the UK has already spent Sh4.2 billion on Kenya’s manufacturing sector.
The completion of the Sh33 billion Kipeto Wind Farm, financed by Actis in the UK and the US government, will be the third deal.
According to Jane Marriott, the British High Commissioner to Kenya, the recently announced UK-Kenya collaborations prioritize Kenyans' interests.
“Our significant support on affordable housing and green opportunities will deliver sustainable jobs, building on the success our long-lasting friendship,” she said.
Kenya and the UK approved a new Economic Partnership Agreement earlier this year to ensure the continuity of Sh200 billion in yearly commerce between the two countries, including duty-free and quota-free access to the British market for Kenyan products.
UK Foreign Secretary also stated that the UK government will support a Sh2.7 billion digital customs system to enable Kenyan businesses take benefit of the trade pact.
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