Politics and policy
Agency launches funds drive for Lamu port, Konza
Posted Monday, July 9 2012 at 21:10
Brand Kenya has started a mega fund raising programme to showcase various investment opportunities during key international sports events starting with the London Olympics.
The marketing agency hopes to exploit the country’s brand recognition in sports and tourism to attract investors, including Kenyans in the diaspora, to invest in flagship projects under Vision 2030.
“We are looking at raising Sh50 billion at the Olympics for the 12 major projects. Of course it may not all be realised at the time but we are hoping the opportunity will help us to reach the target,” said Julius Korir, the acting managing director, Kenya Investment Authority (Keinvest).
The 12 projects include the Konza ICT City and the second transport corridor linking Ethiopia and South Sudan to World Heritage Site Lamu on the Indian Ocean through a seaport, airports, pipe and rail lines and an oil refinery.
President Mwai Kibaki yesterday invited a delegation from South Korea to invest in the Lamu-South Sudan-Ethiopia Transport corridor (Lamu Port), which is expected to cost Sh1.5 trillion.
The delegation led by South Korean Prime Minister Kim Hwang-Sik had paid the President a courtesy call at State House, Nairobi.
Others are five resort cities, international conferencing centres in Nairobi, Mombasa and Kisumu, Nairobi railway commuter service and five SME parks. The projects are key to Kenya’s realisation of a middle-income status in 18 years, guided by the Vision 2030.
Brand Kenya will sell the projects based on investment profiles given by the implementing agencies.
Some of the agencies are National Museums of Kenya, Kenya Wildlife Service, Kenyatta International Conference Centre (KICC), Export Promotion Council, Vision 2030, Kenya Tourist Board, ministries of Information, Trade, Transport and KenInvest.
Opportunities in sectors like agricultrure, energy and banking will also be on show for two weeks starting on July 27 at Kenya House, a property in East Thames, West Ham Lane in Stratford, London. The address has been leased for the two weeks at a cost of 30,000 euros (about Sh4 million).
KCB yesterday sponsored the initiative to the tune of Sh35 million.
“Global institutional investors are planning to boost their asset allocation in African markets over the next five years. Kenya House is an ideal platform to showcase our country’s strengths and achievements, thereby attracting these investors,” said Brand Kenya CEO Mary Kimonye.
Information PS Bitange Ndemo said the Constitution, reforms in trade and industry and Konza City were attracting a lot of interest from investors.
“Kenya House will raise interest in the flagship projects. The recent discovery of oil and the ground breaking of the $23 billion Lamu Port project are major incentives,” Dr Ndemo said.
The World Bank 2012 survey on “Doing business in East African community” named Kenya the top dog in region for easing investor entry into real estate.
“Kenya House initiative will help to raise the country’s profile internationally while attracting Kenyans living in the diaspora who would like to invest but are not aware of the opportunities,” said KCB chief executive Martin Oduor-Otieno.