NAIROBI - In a significant move to boost foreign direct investment (FDI) in Kenya, a strategic partnership was announced today in Nairobi, involving the United Nations Development Programme (UNDP), the World Bank, and the Kenya Investment Authority (KenInvest). This collaboration aims to introduce a transparent Investment Facilitation Framework designed to simplify business operations for investors and attract $10 billion in FDI.
Cabinet Secretary Rebecca Miano of the Ministry of Industrialization, Trade, and Enterprise Development highlighted the National Investment Council's (NIC (NASDAQ:EGOV)) role in developing this framework. She emphasized that leveraging UNDP resources and implementing legislative reforms will promote transparency and predictability in Kenya’s investment environment. The initiative also seeks to align investment laws with the country's devolved governance structure, which has been in place since the adoption of the 2010 Constitution.
The launch event featured key figures such as UNDP's Anthony Ngororano, World Bank’s Elizabeth Kibaki-Obiero, and KenInvest's June Chepkemei. They collectively underscored the importance of easing business processes for investors through this new framework. Miano recognized NIC's pivotal contribution and announced forthcoming legislative overhauls, including revisions to the Investment Promotion Act to better fit Kenya's governance system.
As part of this strategic initiative, which spans from the fiscal year 2023/24 through 2027/28, an Investor Facilitation Platform is also being developed. This platform is expected to streamline investor operations and contribute significantly to reaching the ambitious $10 billion FDI target set by the partnership.
The collaboration between these international organizations and Kenyan authorities demonstrates a shared commitment to fostering an accommodating investment climate that can spur economic growth and development in Kenya.
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