Kenya and UK have announced the release of Sh131 million of British funding meant to increase trade and investment opportunities after the second Economic Development Forum.
The virtual meeting was co-chaired by UK Minister for Africa James Duddridge and Kenya’s Trade Cabinet Secretary Betty Maina.
Another funding of Sh6 million will help catalyse early stage investment, or ‘angel investment’, into Kenyan start-ups to help budding entrepreneurs.
Another allocation of Sh125 million will assist in attracting investments and grow key sectors such as agro-processing and pharmaceuticals, safeguarding Kenyan jobs and livelihoods.
To support Kenya’s post-Covid-19 economic response, Sh225 million was injected to keep supply chains operating and trade flowing. This way, business will remain open to support businesses open and help retain investment in Kenya.
"Today’s forum is helping our countries trade more, invest more and create more jobs."
"It builds on the initialling of the UK-Kenya trade agreement earlier this month, which will ensure trade continuity between our countries," British High Commissioner to Kenya Jane Marriott said.
Marriot added that she is delighted to see a lot of momentum to strengthen the economic partnership between the two states.
The UK has been working with Kenya to increase its attractiveness for international investment.
UK companies are already major investors and employers in Kenya, and more UK companies want to invest in Kenya.
The two governments discussed how they could cooperate to unlock significant investments from UK companies to help boost Kenya’s growth.
The UK is also providing support to Nairobi Railway City development, as agreed between Prime Minister Johnson and President Uhuru Kenyatta.
A consortium of UK firms is advising on the technical and commercial aspects of the project..
Prime Minister Johnson and President Kenyatta agreed on a five-year strategic partnership, which includes mutual prosperity, between the UK and Kenya on January 21 after the UK-Africa Investment Summit.
