The EU Launches the External Investment Plan to Boost Investors Financially in Kenya
The European Union yesterday launched the External Investment Plan (EIP), which is aimed at helping entrepreneurs in the city. The plan, which was launched in conjunction with the private sectors in Kenya brought together individuals and institutions ready to seize the opportunity the plan presents.
The program will bring up job opportunities, sustainable investments, economic growth and more innovations and also help strengthen economic and commercial ties between Europe and Africa.
Speaking during the event, the EU’s Chargé d’Affaires a. i. in Kenya, Mr Walter Tretton said that the plan was to purposely uplift the entrepreneurs both in the public and private sector financially as the program includes the issuance of European Union grants, and loans.
“I welcome this initiative that will boost both private and public investment in Kenya, enhancing a favourable investment climate and creating jobs, especially for young people.” He said.
“Some grant/loan blending operations that have already started as part of the EIP in Kenya include projects in the transportation, energy, water and sanitation as well as agriculture sectors, and a good many more are in an advanced stage of preparation.
Most of these projects have been targeting public sector investments, such as Last Mile Electricity and key national and rural roads. More recently, the EU has been putting a much stronger emphasis on the private sector to lift its potential as a key contributor to national and global development goals.” He added.
The plans have been backed up by various financial institutions which include (AFD/PROPARCO, AfDB, AECID, CDP, COFIDES, EIB, FMO, IFC, KfW) with the event being attended by over 100 companies from Kenya.
“Another focus is on stronger business and investment policy dialogue to create an enabling environment.” He said
During the event, several matters were discussed among them the business climate in Kenya in which representatives of the Government of Kenya, Kenyan business associations, the European Business Council in Kenya, the World Bank and the EU Delegation to Kenya exchanged views on what has been achieved and what remains to be done.”
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