UK mobilises Ksh.20 billion investment into President Kenyatta’s Big Four projects

UK mobilises Ksh.20 billion investment into President Kenyatta's Big Four projects
President Uhuru Kenyatta on Tuesday held bilateral talks with COP26 President-Designate Alok Sharma and his delegation that included British High Commissioner to Kenya Jane Marriott at Kew Gardens in London. PHOTO|PSCU

As President Kenyatta begins his three-day visit to London, the UK has announced Ksh.20 billion of new government and private investment into Big Four Projects, including affordable housing and manufacturing.

Speaking at Mansion House in the City of London, UK Foreign Secretary Dominic Raab announced Ksh.5.2 billion of UK Aid is to be matched by Ksh.3.5 billion of private investment to finance 10,000 green affordable homes for Kenyans.

These quality homes will be energy and water efficient properties for low and middle-income families, and will contribute to Kenya’s goal of building 500,000 new affordable homes by 2022. The investment will go directly into projects, and is a combination of UK government aid and privately raised funds.

On a packed first day of the President’s visit to the UK, focussed heavily on trade, business and climate change, the President will also meet COP26 President Alok Sharma at the historic Kew Gardens to celebrate progress on the Kenya-UK Year of Climate Action.

The UK announced Ksh.550 million of new UK funding to accelerate Kenya’s climate transition, including projects supporting renewable energy, clean cooling, and forest restoration — including Kaptagat Forest.

Earlier this year, the UK and Kenya ratified a new Economic Partnership Agreement to provide continuity for KES 200 billion of annual trade between Kenya and the UK, including duty and quota free access to the British market for Kenyan exports.

The Foreign Secretary also announced today the UK Government will help Kenyan firms take advantage of this trade deal, by funding a KES 2.7 billion digital customs system to help smooth trade.

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