UK to invest $184M in Kenya

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Kenya’s Big Four agenda received more boost after UK announced on Tuesday, July 27, that will it will invest 20 billion Kenya shillings ($184 million) on the projects.

The Big Four agenda was conceived by Kenyan President Uhuru Kenyatta to boost food security, affordable housing, manufacturing and affordable health care.

Kenyatta, who is on a three-day visit to the UK, where he will co-chair the Global Education Summit with UK Prime Minister Boris Johnson, oversaw the signing of the deal.

UK Foreign Secretary Dominic Raab announced the funds by the new UK government and private investment into the Big 4 Projects, noting an additional 5.2 billion Kenya shillings ($479,000) of UK aid will be matched by 3.5 billion Kenya shillings ($322,000) of private investment to finance 10,000 green affordable homes in Kenya.

“These new 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,” he stated.

Kenyatta revealed Kenya’s ambition to deepen cooperation with the Foreign Commonwealth Development Office (FCDO) through a Memorandum of Understanding (MoU) to be formalized between the National Treasury and the Private Sector Infrastructure Development Group (PIDG).

“The cooperation with Foreign Commonwealth Development Office is for possible funding, through Private Sector Infrastructure Development Group, of 1.3 million US Dollars to support early and transaction-stage PPP project development activities in Kenya,” he said.