[Photo: The star]
Nov, 17th 2020 – The UK and Kenya have the second Economic Development Forum where Ksh131 million of new British funding was announced to increase trade and investment opportunities.
The virtual Forum, co-chaired by UK Minister for Africa, James Duddridge and Kenya’s Cabinet Secretary for Trade, Betty Maina, saw the UK announce new funding to boost investment into Kenya, including:
- Ksh6 million to catalyze early stage investment or ‘angel investment’, into Kenyan start-ups to help budding entrepreneurs navigate from business ideas through to scalable and investable businesses. Applications for the angel-investing program opens next week
- Funding of KES 125 million to attract investment and grow key sectors, such as agro-processing and pharmaceuticals, safeguarding Kenyan jobs and livelihoods
The Forum also noted significant UK support to Kenya’s post-COVID-19 economic response with KES 225 million to:
- Help to keep supply chains operating and trade flowing
- Support businesses to open up in a COVID-19 safe way
- Help retain investment in Kenya
British High Commissioner to Kenya, Jane Marriott, said: Today’s Forum is helping our countries trade more, invest more and create more jobs. It builds on the initialing of the UK-Kenya trade agreement earlier this month, which will ensure trade continuity between our countries. I am delighted to see so much momentum to strengthen our economic partnership, and today’s announcement of new UK support for entrepreneurs and businesses shows our deep commitment to building our mutual prosperity.
The UK has been working with Kenya to increase its attractiveness for international investment. UK companies are already major investors and employers in Kenya, and more UK companies want to invest in Kenya. At the Forum, both governments discussed how they could cooperate to unlock significant investments from UK companies to help boost Kenya’s growth.