- A new UK- Kenya Strategic Partnership, an ambitious five-year deal was signed on the side-lines of the on-going climate conference COP27 in Egypt.
A new UK- Kenya Strategic Partnership, an ambitious five-year deal was signed on the side-lines of the on-going climate conference COP27 in Egypt. The pact was signed by President William Ruto and UK Prime Minister Rishi Sunak and is expected to unlock the potential of the bilateral cooperation.
The flagship projects in the deal include six projects worth US $2 billion covering green investment programmes — in energy, agriculture and transport. A multipurpose dam in Kitui and Tharaka Nithi counties costing Sh425 billion will also be part of the programme. The dam will be Kenya’s second expensive infrastructure project after the standard gauge railway. The dam, a public-private partnership on the Tana River is planned to generate 1,000 megawatts of hydroelectric energy and provide irrigation for 400,000 hectares of farmland. A statement issued by the UK government explained that the project will be implemented by UK engineering firm GBM and covers both a Power Purchase Agreement for clean energy and a Water Purchase Agreement for agricultural irrigation.
Other projects include a solar energy project in Malindi, Menengai Geothermal, the Nairobi Railway City regeneration project, and a credit guarantee scheme.
The Malindi Solar Expansion, a 40-megawatt solar plant, funded by British International Investment will be built by UK company Globeleq. Menengai Geothermal, a 35MW geothermal project by Geothermal Development Company (GDC) and UK’s Globeleq will mark the full development of a field discovered by GDC. The Agreement also covers fast-tracking the Nairobi Railway City with a Sh5 billion investment to be designed by UK architects (Atkins). A climate-smart crop and agro-industrial processing system via a joint venture with Kisumu County called United Green is also part of the deal.
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https://trendsnafrica.com/mou-signed-between-the-uk-and-kenya-to-set-up-a-digital-trade-corridor/
The UK will also collaborate with CPF Financial Services and other private investors, to launch a new guarantee company that will de-risk investments and unlock private finance from pension funds and insurance companies for projects in Kenya.
