The UK government will increase support for local infrastructure projects so that more British firms clinch lucrative deals in planned and ongoing constructions.
British High Commissioner to Kenya Nic Hailey yesterday said his country is banking on a Sh74 billion fund set aside by export credit agency, UK Export Finance, to jump-start its renewed investment efforts in Kenya.
The kitty will be set up under a Memorandum of Understanding to be signed in the “next few weeks”, he said.
The fund will be used to provide loans for UK firms to boost their ability to export to Kenya.
“Both countries have agreed on the MoU and we expect to sign it anytime depending on availability of Kenya’s ministers and government officials,” Hailey said.
Hailey was speaking after the signing of a partnership between the UK Export Finance and the African Trade Insurance agency yesterday.
ATI will offer UK exporters enhanced access to growing markets in Kenya and the East Africa.
As an ATI member, UKEF will get updates on new business opportunities for exporters, as well as local knowledge of firms and projects.
The move, Hailey said, will boost the UK government efforts in encouraging more UK businesses to trade with African countries.
Sectors targeted by UK firms in Kenya include infrastructure, advanced engineering, energy, ICT and defence, and security.
“British companies are eyeing major projects such as roads, pipeline, renewable energy and port, so we are keen in increasing investments and trade with Kenya,” Hailey said.
ATI chief executive officer George Otieno said: “A close partnership between ATI and UKEF will give African buyers and UK suppliers access to each other.”
Currently firms from Asian states such as China and Japan are the biggest beneficiaries of contracts for various infrastructure projects.
Kenya’s two top-earning sectors, tourism and agriculture, make the UK a major contributor to the Kenyan economy.
UK firm Tullow is also heavily involved in Kenya’s nascent oil sector.
Source: The Star

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