KenInvest secures UNDP and World Bank Support on FDI Attraction.
- UNDP and the World Bank will help the country unlock flow of foreign direct investments into the economy.
- Kenyan government to leverage on UNDP’s global network to implement the framework as well as work with them as a project manager to support the key priority areas.
The United Nations Development Programme (UNDP), World Bank and Kenya Investment Authority (KenInvest) announced a new partnership to develop and implement an Investment Facilitation Framework and Foreign Direct Investment (FDI) Attraction Strategy. The framework is aimed at creating a transparent, predictable, efficient and trusted mechanism for effective investment facilitation.
Speaking during launch of the partnership in Nairobi, Hon. Rebecca Miano, MBS the Cabinet Secretary for the Ministry of Investments, Trade and Industry (MITI), lauded the partnership saying that it will make it easier for investors to invest, conduct their business and expand their operations in Kenya. She further added, that through the partnership Kenya will streamline procedures related to domestic and foreign investor attraction and also improve coordination and cooperation among actors in the investment cycle.
“We have set a target as a Country to attract Foreign Direct Investment (FDI) to a tune of USD 10Bn,” she revealed.
“To unlock Foreign Direct Investment (FDI) and position Kenya as a competitive investment destination, the National Investment Council through its Secretariat, Kenya Investment Authority has developed an Investment Facilitation Framework with a view to creating a Transparent, Predictable, Efficient and Trusted Mechanism”, added Miano.
Through the partnership the Government will leverage on the UNDP’s global network to implement the framework as well as work with them as a project manager to support the key priority areas. These areas will include: Legislative and regulatory reforms to remove barriers to investment attraction; Investment Facilitation Framework, including design and operationalization of an Investor Facilitation Platform; and Institutional capacity development including organization review and development of a strategy to strengthen Kenya Investment Authority.
Mr. Anthony Ngororano, UNDP, Resident Representative said, ‘as a key partner in Kenya’s development journey, we are gearing up for a collaboration with KenInvest. Together, we aim to remove barriers to investment and strengthen the investment facilitation journey.” “We shall support the Government through KenInvest to provide practical measures aimed at improving transparency and predictability on the investment climate in Kenya, said Ms. Elizabeth Elizabeth Kibaki-Obiero, Senior Private Sector Development Specialist, World Bank.
June Chepkemei, KenInvest Chief Executive Officer, indicated that the partnership will be supported by a robust strategic plan under development. “We have made progress with regard to our strategy development covering our next growth cycle of 2023/24 – 2027/28. This strategic plan, prepared under the theme of “Spearheading Equitable Investment-Led Economic Transformation” ties in closely with our current focus areas as a government, and has been developed under four main pillars, namely, Targeted Investment Promotion, Harmonization of Investment Facilitation, Research & Policy Advocacy and Building of an Exemplary Investment Promotion Agency,” said Ms Chepkemei, CEO.
The Investment Facilitation Framework will be a great enabler for sustainable development by facilitating attraction and retention of Foreign Direct Investments (FDI); enhancing the quality of FDI in the light of national strategies; growing Domestic Direct Investments (DDI); and enhancing international cooperation.