By May 4, 2019

Kenya Attracts USD 72 Mn Worth Of UK Investment

By May 4, 2019

On his final day after a week long visit to Africa, British Foreign Secretary Jeremy Hunt welcomed over USD 72 Mn of funding for Kenyan businesses.

Of the USD 72 Mn, USD 58 Mn has been raised for solar power plant which is expected to create up to 250 jobs in Kenya, USD 12 Mn of the investment will be channeled to British business De La Rue to produce high-tech identity cards, tax stamps, and currency, creating new high-skilled jobs locally while USD 1. 6 Mn will be used to support creative industries.

Once completed, the solar power plant will bring clean power to the Malindi region in South East Kenya. Malindi often struggles with prolonged water shortages and sometimes the challenge becomes severe forcing even big businesses to close down.

The solar power plant construction which is run by Globeleq, a British-headquartered power company is expected to commence soon. The project is funded through UK’s development finance institution CDC.

The completion of the project will also boost living standards for the locals as apart from the 250 direct jobs it will create, it will also support 5,600 jobs in the wider economy thanks to the availability of power.

The Creative Enterprise programme on the other hand will help 540 entrepreneurs access training and support in the UK.

Foreign Secretary Jeremy Hunt said, “I have seen for myself the incredible opportunities opening up between the UK and Kenya and the close partnership which already exists between our countries. It is great to see British investment creating jobs, prosperity and growth in Kenya and across the continent”.

“As a former entrepreneur myself, I have been inspired by the dynamic and talented businessmen and women I have met in Kenya, and look forward to seeing their fantastic companies become the household names of the future, ” he added.

De La Rue’s Regional Director for Africa, Matt West said, “This innovative Joint Venture with the Government of Kenya, which builds on De La Rue’s already long and productive business relationships here, expands the opportunities for highly skilled jobs for Kenyans and opens up the prospect of new business in the region, which will add yet more value to this highly productive partnership”.

Moses Anibaba, the British Council’s Regional Director for Sub-Saharan Africa, said, “The programme presents a unique opportunity for young entrepreneurs in the UK and Africa to connect, create jobs and build enterprises in what is a fast-growing industry and one that is a sector of competitive advantage, in both countries”.

“I am convinced that through the programme, the partnership between the Creative economies of the UK and Africa will be strengthened, enhancing creative expression and prosperity”.

Featured Image Courtesy: Construction and Property Magazine

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