M a r k e t N e w s
President Kenyatta Encourages More Private Sector Investment in Power Projects
Posted on : Thursday , 1st February 2018
The President, Uhuru Kenyatta said Africa has a huge potential for green energy generation and transmission that the private sector should take advantage of for good returns while at the same time boosting people's access to energy.
President Kenyatta was speaking in Addis Ababa during a roundtable meeting as he wrapped up his official visit to Ethiopia that saw him attend the 30thOrdinary Session of the African Union Assembly.
The President assured investors that Africa has a new crop of leaders that are keen to take their countries forward and there was adequate protection for private investment.
President Kenyatta said the Kenya Government instituted a wide range of reforms in the last five years that have made it possible for the private sector to participate in energy provision.
The President said the private sector should be given space to engage in projects like transmission and generation of power while governments concentrate on projects that are socially necessary to transform lives but which may not necessarily be economically viable.
He cited the Last Mile Connectivity project that his administration leveraged immediately it came to the office to ensure more Kenyans were connected to electricity as an example of a project that was socially necessary.
President Kenyatta stated "As a result of that focus, we were able to increase access to electricity for Kenyans from 28 percent to over 60 percent within a period of four years,"
The President emphasized that African countries, including Kenya, welcomed partners who see the continent's vision for growth and are willing to work with them to turn challenges into opportunities.
"We seek partners who are not looking at Africa as a continent looking for help but one to partner with on a win-win basis to drive growth and transformation," the President said.
President Kenyatta said investors should stop looking at Africa from a negative perspective but focus on the available opportunities.
"You seriously need to begin looking into how you can benefit from the initiatives that the new crop of African leaders is putting in place," President Kenyatta told investors.
President Kenyatta sees abundant access to energy as critical to improving the lives of Kenyans by driving food security, affordable housing, manufacturing and affordable Health - which constitute his Big Four agenda.
The meeting was also addressed by Senegal's President Macky Sall who underscored the need for an energy mix strategy that would deliver low-cost renewable energy without over exploiting of available resources.
"Focus should be on funding projects that will reduce the cost of energy and make it more accessible to our people," President Sall said.
He commended Kenya's efforts in renewable energy generation, especially geothermal and wind power.
Kenya is ranked the second best country in Africa as a destination for renewable energy investment behind South Africa.
Source : izmap
