Uhuru secures Sh20 billion Big Four Agenda funding from UK
Wednesday, July 28th, 2021 00:00 | 2 mins read
President Uhuru Kenyatta’s Big Four Agenda got a major boost after he secured a Sh20 billion funding as he embarked on his three-day official tour of London, United Kingdom yesterday.
In a statement released by the British High Commission in Nairobi, the UK government announced that it was injecting Sh20 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 will announce Sh5.2 billion of UK Aid is to be matched by Sh3.5 billion of private investment to finance 10,000 green affordable homes for Kenyans,” the statement said.
Noting that these quality homes will be energy and water efficient properties for low and middle-income families, the UK government said it will also 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,” it said.
On a packed first day of the President’s visit to the UK that focused heavily on trade, business and climate change, the President held bilateral talks with COP26 President-Designate Alok Sharma at the historic Kew Gardens to celebrate progress on the Kenya-UK Year of Climate Action.
The President and his host discussed the upcoming 2021 United Nations Climate Change Conference (COP26) in Glasgow, and the need for European nations to honour their climate action commitments to developing countries especially in Africa.
At the meeting, the President witnessed the signing of an agreement that will enable Kenya join the Adaptation Action Coalition (AAC) and the UN Climate Action Summit (UN CAS).
The Head of State also got an opportunity to interact with several Kenyan and African scientists who showcased climate change mitigation and adaptation projects they’re implementing in Kenya and other parts of Africa.
The President, who was accompanied by Cabinet Secretaries Raychelle Omamo (Foreign Affairs) and Keriako Tobiko (Environment) as well as State House Deputy Chief of Staff Ruth Kagia and Kenya’s High Commissioner to the UK Manoah Esipisu planted a commemorative tree at the venue.
The UK announced Sh550 million of new UK funding to accelerate Kenya’s climate transition, including projects supporting renewable energy, clean cooling, and forest restoration - including Kaptagat Forest.
In the London’s historic financial district, the Foreign Secretary is also expected to announce the launch of the Nairobi International Financial Centre, in partnership with the City of London.
This partnership will deepen links between Kenya and London, the world’s leading financial centre – cementing Nairobi’s status as a financial hub.
The President also invited United Kingdom (UK) investors to tap into emerging business opportunities in Kenya, saying the country remains one of the most attractive investment destinations in Africa.
The President showcased 10 investment opportunities worth over USD 5 billion that are immediately available in Kenya under the PPP framework, among them; Nairobi Smart Street Lights Project, Nairobi Bus Rapid Transport System, Intelligent Traffic Management System Project and Galana Kulalu Food Security Project.
Others are Lamu Fishing Port Project, Moi Teaching and Referral Hospital Training Complex Project, Mombasa Industrial Park, Meru Cancer Centre Project, Kenyatta National Hospital Project and Lamu Port Project.
“I am also happy to announce that discussions have commenced between Kenya’s National Treasury and Planning and the United Kingdom’s Export Finance (UKEF) to unlock financing for British companies pursuing PPP investments in Kenya,” President Uhuru said.