Kenya leads among African countries that Fortune 500 companies want to invest in, US Ambassador to Meg Whitman has affirmed, amid renewed focus on the continent by multinationals and philanthropists.
This includes pumping capital into driving sustainable growth, with a focus on addressing the Sustainable Development Goals (SDGs) financing gap.
Speaking in Nairobi yesterday during the inaugural Africa Venture Philanthropy Alliance (AVPA) conference, Whitman singled out Kenya’s green energy ( 93 per cent of the energy mix), smart workforce and political stability among factors making the country more attractive, as global firms seek to diversity their supply chains in post-Covid era.
Some of the sectors with huge potential to attract investments, the former renowned business executive said, include energy, technology, agriculture, health and tourism.
Last year, Kenya led the continent in attracting capital towards startups, beating top economies such as Nigeria and South Africa.
However, the government must ensure a predictable tax regime and conducive business environment to continue attracting these investments, which are also instrumental in creating jobs.
“Kenya’s workforce which I always say is smart, low absenteeism and innovative is something that American companies and others are looking at. ey are eying investments in Kenya,” she said.
" The Port of Mombasa is also strategically positioned in global maritime hence key for driving international trade."
Kenya is keen to double Foreign Direct Investments (FDIs) in the medium-term, from $800 million (Sh 103.2 billion) last year to, to at least $1.6 billion (Sh 206.4 billion) annually.
Meanwhile, the AVPA, a network of social investors collaborating to mobilise and deploy capital for impact across Africa and drive sustainable growth, is keen to addressing the Sustainable Development Goals (SDGs) financing gap.
According to the 2024 Financing for Sustainable Development Report (FSDR 2024 ), the annual overall financing gap for SDGs is estimated to be between $2.5 trillion (Sh322.5 trillion) and $4 trillion(Sh516 trillion).
AVPA chief executive Frank Aswani said:
“The AVPA 2024 Conference is a call to action for impact investors, social entrepreneurs, development agencies, and policymakers to come together, share ideas and mobilise capital toward Africa’s sustainable future.”
The Nairobi meeting also saw the launch of the AVPA Africa Social Impact Exchange (ASIEx) that will house the Catalytic Pooled Fund (CPF) to drive social investment across key sectors.
“We are also talking of unlocking funds for SMEs, creating jobs and driving investments towards women and youth entrepreneurs,” Aswani told the Star.
Kenya has made progress towards achieving the United Nations SDGs in several areas, among them healthcare, education,gender equality and climate action.
Aswani said Africa stands at a pivotal moment, brimming with opportunities to accelerate progress towards the SDGs)by 2030.
Children’s Investment Fund Foundation executive director Faustina Fynn-Nyame said through a catalytic pooled fund, they will be able to rally resources to push development agenda in Kenya and the African continent.
“Africa’s future growth hinges on
harnessing its untapped domestic
capital. By providing the right blend
of catalytic capital and strategic enablers, we can close the bankability
gap and de-risk high impact projects,”
Fynn-Nyame said.
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