Kenya: President Strikes Multi-Billion Investment Deals With U.S. Firms

Posted on : Tuesday , 29th September 2015

Kenya has secured commitments amounting to billions of shillings from American companies to increase power production and finance infrastructure projects.

Some of these projects have already been initiated.

President Uhuru Kenyatta said the commitments were secured during a morning meeting with the American companies under the umbrella Business Council for International Understanding (BCIU).

He said Africa was the continent in focus for investors and Kenya must use its potential in clean energy and infrastructure to grow its economy.

One of the US companies committed to invest an estimated Sh400 billion ($4 billion) in Kenya for power generation. "One company in particular doubled its commitment to invest in solar power in Kenya over a period of time, developing up to about 2,000 megawatts of power at a cost of approximately $4 billion.

AN INVESTMENT RESORT

The BCIU is a group of companies that facilitates mutually-beneficial, person-to-person relations between business and government leaders worldwide.

They facilitate financial investment and advise governments on how to utilise their potential to spur economic development.

Industrialisation Cabinet Secretary Aden Mohammed, who attended the meeting at the high-end Waldorf-Astoria Hotel in New York, said Kenya was marketing herself as the destination for investment and trade on the continent.

"This was a gathering of business and government leaders. It was an interactive session where the companies asked questions on what has been the spectrum of doing business with Kenya," he said.

He said the government explained steps it has taken to aid investment in Kenya including the enactment of the Companies Act, which allows foreign firms 100 per cent ownership of their business.

Cabinet Secretaries Judi Wakhungu (Environment), Ann Waiguru (Devolution), James Macharia (Health), Joseph Nkaissery (Interior Affairs) and Amina Mohamed (Foreign Affairs) also attended the morning meeting.