Kenya has finally increased its shares in Africa50: Kenya has resolved to increase by 50 per cent, its shareholding in Africa50, a continental initiative for funding infrastructure development.
President Uhuru Kenyatta of Kenya said the country’s shares has been increased to $100 million.
Kenya, which initially had a share capital of $50 million, is one of the founder investors in the venture fund which is supported by the African Development Bank (AfDB).
He made the announcement at the official opening of the 53rd shareholders meeting of Africa50 in Nairobi.
Kenyatta said that Kenya was pleased with the role the Fund was playing in the transformation of Africa.
Kenyatta noted that Kenya was particularly pleased that investments by Africa50 gave market rate returns.
“I am pleased to announce that Kenya will double its investment in Africa50 to $100 million,” said Kenyatta .
While praising the growing number of projects financed by Africa50 in Kenya, he underscored the importance of private sector in bridging investment gaps on the continent and challenged Africa’s private sector to set a good example by investing in Africa so that other investors from around the world can have the confidence to channel their funds to the continent.
Kenyatta observed that Africa50’s vision is supportive of Kenya’s Big Four development agenda which includes universal health care, food security, affordable housing and enhancing manufacturing to create more jobs.
He observed that infrastructure attracts investment and forms the backbone upon which his administration’s Big Four Agenda will be achieved.
“Infrastructure development is crucial because none of the Big Four will be achieved without proper infrastructure. It is a key enabler for development,” said Kenyatta.
The Chairman of the Board of Directors of Africa50, Dr. Akinwumi Adesina, said Kenya has achieved tremendous infrastructure development under President Kenyatta.
Adesina, who is also the African Development Bank President, said Africa50 provides a new framework to address Africa’s development needs, adding that the continent has an infrastructure funding gap of as much as $108 billion.