JAPAN TO INVEST 40 BLN SHILLINGS IN KENYA TO SUPPORT ITS “BIG FOUR” AGENDA

NAIROBI, Japan plans to invest 40 billion shillings (about 395 million US dollars) in several infrastructure projects in Kenya to support the government’s Big Four agenda encompassing manufacturing, affordable housing, healthcare and food security, according to the Japanese ambassador to Kenya.

The funding will go towards projects which include the expansion of the Port of Mombasa and developing the Dongo Kundu bypass, says Kenya Investment Authority Managing Director Moses Ikiara, who notes that the number of Japanese companies which have set up operations in Kenya has grown by 52 per cent in the last two years.

For a long time, Kenya has been the foremost investment destination and hosts the largest population of Japanese investors on the continent.

This has positioned Kenya to be the biggest recipient of funding from japan’s overseas development agency. In 2016, Nairobi hosted the Tokyo International Conference on African Development (TICAD) summit bringing hundreds of Japanese companies and top investors to Nairobi.

The TICAD summit has seen the number of Japanese companies in Kenya increase from 41 to 54 in less than two years, with more than ten are exploring investment opportunities in the country.

Last month, one of the largest global logistic companies, Nippon Express, which offers air and sea transport and logistical services, as well as paint manufacturer Kansai Plascon and World Kaihatsu Kogyo, one of Japan’s largest construction firms, have set up operations in Kenya.

The Japanese Ambassador to Kenya said the government of Japan planned to invest more than 40 billion shillings in various projects in the country such as Dongo Kundu bypass, expansion of the Port of Mombasa and various roads in Nairobi.

Source: NAM NEWS NETWORK