UK has announced £132m investment in Kenya and launched the Nairobi International Financial Centre, and its formal partnership with the City of London.
The Foreign Secretary Dominic Raab hosted Kenya’s President Uhuru Kenyatta and witnessed the signing of a new memorandum of understanding between TheCityUK and the Nairobi International Financial Centre Authority, establishing a formal partnership, including closer collaboration with the London Stock Exchange. This will help to channel international investment into Kenya and the wider region, making sure firms and investors are able to make the most of trade and investment opportunities.
This £132 million package of new UK-Kenya deals from the UK government and British firms will support investment in the region, including building new green affordable homes, connecting households to clean energy, and boosting manufacturing. This package of investments will create new jobs and unlock new opportunities for UK and Kenyan businesses by strengthening the relationship between Nairobi and the City of London.
International Financial Centre
British insurer Prudential intends to be the first firm to set up in Nairobi’s new International Financial Centre, while Kenyan mining company Mayflower Gold announced plans to dual list its shares on both the London and Nairobi Stock Exchanges in a deal worth £14 million.
“Africa is an important part of our long term growth strategy and I am delighted that the UK and Kenya are collaborating on financial services, where there are many opportunities for innovation. Prudential is proud to be working with both countries on this initiative. We believe that deepening the financial sector across the continent is key to building and driving economic resilience, development and growth in a region of great promise and opportunity. Joining the International Financial Centre in Nairobi is testament to our long-term commitment to supporting financial sector development across Africa,” said Foreign Secretary Dominic Raab.
President Kenyatta also secured the backing of UK investors to boost affordable housing and manufacturing across Kenya. £28 million of private investment in Kenyan manufacturing was confirmed today as a result of the UK’s Manufacturing Africa initiative, and UK company ARC Ride announced plans to invest £4.5 million in growing its fleet of electric vehicles in Kenya.
The Foreign Secretary also announced a new £58 million fund, anchored by £35 million of UK government investment, which will finance the construction of 10,000 green affordable homes in Kenya. This is on top of £53 million of investment in Kenyan affordable housing announced during the Foreign Secretary’s visit to Kenya earlier this year.
