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London Investments to Map Kenya as Financial Hub

Peter Musila 2 months ago

The United Kingdom announced a Ksh 20 billion funding into Kenya’s big four projects, including the housing and manufacturing sectors. 

Speaking about the funding, UK Foreign Secretary Dominic Raab stated that the UK AID was to add a Ksh 5.2 billion to be matched by Ksh 3.5 billion of private investment. 

“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,” Mr. Raab said.

The 10,000 green affordable houses are set to target low and mid-income earning Kenyans.

“This package of investments will create new jobs and unlock new opportunities for the UK and Kenyan businesses by strengthening the relationship between Nairobi and the City of London,” he added.

Addressing Climate Change

The UK announced that their government would release Ksh 550 million of funding towards accelerating Kenya’s climate transition. 

In a statement, the funds will help in projects supporting renewable energy, clean cooling, and forest restoration. 

The Foreign Secretary also stated that the city of London was set to launch Nairobi International Financial Centre. The center will deepen links between the two states and help strengthen Nairobi’s status as a financial hub.

Manufacturing Africa Program

The UK announced a Ksh 67 million funding to be channeled to policy advice and technical assistance. The funds are set to help improve the manufacturing sector in the country. This would include manufacturing electric vehicles, which is to be announced.

British market for Kenyan exports

The UK and Kenya inked an Economic Partnership Agreement earlier this year to provide Ksh200 billion of annual trade between Kenya and the UK by helping Kenyan products access the UK market. 

The Foreign Secretary announced the UK Government will provide a Ksh2.7 billion digital customs system funding to help Kenyan firms access the UK market with ease. 

The developments came as the President kicked off his three-day visit to the UK on Monday. 

In his visit, the President also met COP26 President Alok Sharma to celebrate the Kenya-UK Year of Climate Action steps.

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