British foreign secretary Dominic Raab, together with Kenyan president Uhuru Kenyatta, announced a new investment package on July 27 that will usher in £132m of new UK deals in Kenya.
Aimed at fortifying investment ties between the two countries, the agreement also marks the launch of the International Financial Centre in Nairobi, in a formal partnership with the City of London.
This collaborative establishment of the International Financial Centre seeks to cultivate closer cooperation with the London Stock Exchange, with the hopes of streamlining trade opportunities in the region and attracting more international investment into Kenya.
In addition to financial services, other key sectors emphasised in the package are manufacturing, affordable green housing and climate transition. Part of the £132m investment package is a £52m fund — £35m of which represents an investment on behalf of the UK government — that will support the construction of 10,000 green affordable homes in Kenya.
Since 2003, a total of 97 UK investment projects have been announced in Kenya, making it the second-most-popular destination country on the continent for British investment after South Africa, according to data from greenfield investment monitor fDi Markets.