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President Ruto and British Prime Minister Rishi Sunak on Monday agreed to fast-track six Sh500 billion investment projects on green energy, agriculture, and transport.
The agreement was sealed on the sidelines of the COP27 climate summit in Cairo, Egypt.
The new, clean and green investments will be flagship projects of the UK-Kenya Strategic Partnership, an ambitious five-year agreement meant to unlock mutual benefits for both countries.
The projects include new geothermal and solar energy generation at Menegai and Malindi, and a Sh425 billion Public Private Partnership to deliver the Grand High Falls Dam, which will generate a gigawatt of renewable power and provide an area over twice the size of the Maasai Mara with drought-combating irrigation solutions.
Others are the green regeneration of central Nairobi anchored around a new central rail station and a Sh32 billion investment in a climate-resilient agriculture hub for the Lake Victoria region in Kisumu that will create 2,000 direct jobs and provide an income for a further 20,000 farmers.
In addition, the UK government will commit Sh2 billion to a new guarantee company that will lower investment risk and unlock Sh12 billion of climate finance for Kenyan projects over the next three years, through collaboration with CPF Financial Services and other private investors.
“The UK and Kenya go far when we go together. By fast-tracking finance into these clean, green projects with honest, reliable investment the UK is supporting Kenya to advance and maintain its continent-leading climate credentials – with mutual benefits for both our countries,” British High Commissioner to Kenya Jane Marriott said in a press release.
Sunak praised President Ruto’s pioneering climate leadership and urged Kenya to continue along the path of green growth, urging all countries to deliver on the commitments made at COP26 in Glasgow.