Kenya secures $237 million of U.S. investment in wind power and food

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© REUTERS/Leah Millis Kenya’s President Uhuru Kenyatta speaks while meeting with US President Donald Trump in the Oval Office at the White House in Washington

Kenya has signed agreements with a US company, allowing $237 million (Sh23bn) of investments in wind power and food security.

The Overseas Private Investment Corporation (OPIC) and Kipeto Wind Energy Company signed documents to close a $232 million deal in financing the construction and operation of a 100-megawatt grid-connected wind power plant south of Nairobi.

The plant will provide a more reliable source of energy to the national grid and support the US Power Africa Initiative to double the number of people in Sub-Saharan Africa with access to electricity.

The second agreement was a $5 million letter of commitment to expand the distribution network of Twiga Foods and improve food security and agricultural wages in Kenya.

Twiga Foods and OPIC  signed the deal during Mr. Kenyatta’s meeting with executives of leading US companies under the umbrella body Business Council for International Understanding (BCIU).

“Kenya is open for business and all we want to do is package our partnership in a way that is mutually beneficial to you as a private sector and the people of Kenya,” President Kenyatta said.

Mr. Kenyatta said the ‘Big Four agenda’ projects – boosting manufacturing industry, promoting food security, providing affordable housing and universal healthcare coverage – present major opportunities for local and foreign investors.

Mr. Kenyatta pointed out that the economy remained buoyant and resilient, registering a 5.5 percent average growth rate over the last five years in spite of acrimonious presidential elections and drought in 2017.

U.S. Commerce Secretary Ross and BCIU CEO Peter Tichansky commended Mr. Kenyatta for creating a suitable environment for the private sector to thrive in Kenya.

 

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