Rotich tells Italian tycoons to put their money in Kenya

Kenya has pitched its ambitious infrastructure and industrialisation projects to some of Italy’s wealthiest investors.

Monday March 7 2016

National Treasury Cabinet Secretary Henry Rotich addresses the press during the signing of a Sh40.04 billion loan for a food initiative on February 4, 2016. Mr Rotich said his ministry hopes to start preparing the Budget by mid-July this year. PHOTO | DIANA NGILA | NATION MEDIA GROUP

National Treasury Cabinet Secretary Henry Rotich addresses the press during the signing of a Sh40.04 billion loan for a food initiative on February 4, 2016. PHOTO | DIANA NGILA | NATION MEDIA GROUP 

By BRIAN NGUGI
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Kenya has pitched its ambitious infrastructure and industrialisation projects to some of Italy’s wealthiest investors.

National Treasury Cabinet Secretary Henry Rotich told members of the Italian private sector to put their money in Kenya, as Kenya’s business environment has improved significantly in the recent past.

Mr Rotich said while Kenya had embarked on massive ongoing infrastructural projects including the Standard Gauge Railway and the Port of Lamu, existing huge infrastructural gaps provide a wide array of investment options for foreign investors.

“There are countless opportunities where the Italian private sector can move into. Kenya has put forward a concrete transformation agenda in line with our development strategies. But there are gaps in infrastructure, transport and energy including geothermal and wind power generation all of which are huge opportunities that the Italian Government can take advantage of,” said Mr Rotich.

PICKING UP

“Tourism is picking up because of investment in security. Italy can look at deepening your support in this area. Agro processing, SMEs support, solid waste management programmes and projects to modernise our agriculture are also areas your investors can look to”

The Treasury CS spoke during a visit to Italy, where the two countries outlined a raft of measures to deepen bilateral ties.

In a meeting with Italian Deputy Minister for Foreign Affairs and International Cooperation Mario Giro, Mr Rotich urged Italian investors to consider investments under the Public Private Partnership model saying Kenya is open to innovative funding programmes for its projects including blending of funding (concessional or non-concessional lending).

Mr Giro on his part said Italian firms are keen on setting base in the country.

“Italian companies are keen to invest in Kenya because of the deepening financial markets. During his visit in Kenya the Italian Prime Minister Mateo Renzi was excited with innovations like Mpesa,” said Mr Giro.

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