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- May 11, 2013
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Entries in the US business deal book in Kenya have in the past month increased rapidly, an indication of America’s renewed efforts to grow its financial and investment portfolio and influence in the East Africa nation amid intense rivalry from countries such as China.
On June 28, Kenyan officials led by President Uhuru Kenyatta witnessed deals worth Sh10 billion ($100 million) at a bilateral conference in Nairobi organised by the US Chamber of Commerce and attended by a 60-member American delegation led by the US Under-Secretary for Commerce, Gilbert Kaplan.
Among the deals at the June summit was an agreement between Kenya and an American company, Medtronic, to launch a dialysis centre for $20 million. Additionally, there were deals between Rendeavour and Unity Homes for the construction of 1,200 affordable homes in Tatu City, the US-backed, mixed-income development in Kiambu worth Sh4.5 billion ($45 million) and a Sh1 billion ($10) million credit line from World Business Capital, a global small and medium enterprise (SME) financier, to Victoria Commercial Bank, were signed.
Barely a month later, another delegation led by Ray Washburne, President and CEO of the Overseas Private Investment Corporation (Opic) — one of the US Government's development finance institutions — was in Nairobi to discuss more investment opportunities and visit America-funded projects.
“American businesses are eager to invest in Kenya and Opic is eager to support them” Mr Washburne said in a newspaper opinion published in the Business Daily ahead of his visit to Nairobi last week.
The Nairobi visit came a few weeks after Opic launched its Connect Africa initiative on July 2,2018 which targets to invest more than Sh100 billion ($1 billion) in projects that support transportation, communications, and value chains in Africa over the next three years.
Apart from Kenya, Mr Washburne visited Zambia, Rwanda, South Africa and Uganda in his maiden official travel to Africa.
INDEPTH: US steps up Kenya focus with fresh layer of investments
On June 28, Kenyan officials led by President Uhuru Kenyatta witnessed deals worth Sh10 billion ($100 million) at a bilateral conference in Nairobi organised by the US Chamber of Commerce and attended by a 60-member American delegation led by the US Under-Secretary for Commerce, Gilbert Kaplan.
Among the deals at the June summit was an agreement between Kenya and an American company, Medtronic, to launch a dialysis centre for $20 million. Additionally, there were deals between Rendeavour and Unity Homes for the construction of 1,200 affordable homes in Tatu City, the US-backed, mixed-income development in Kiambu worth Sh4.5 billion ($45 million) and a Sh1 billion ($10) million credit line from World Business Capital, a global small and medium enterprise (SME) financier, to Victoria Commercial Bank, were signed.
Barely a month later, another delegation led by Ray Washburne, President and CEO of the Overseas Private Investment Corporation (Opic) — one of the US Government's development finance institutions — was in Nairobi to discuss more investment opportunities and visit America-funded projects.
“American businesses are eager to invest in Kenya and Opic is eager to support them” Mr Washburne said in a newspaper opinion published in the Business Daily ahead of his visit to Nairobi last week.
The Nairobi visit came a few weeks after Opic launched its Connect Africa initiative on July 2,2018 which targets to invest more than Sh100 billion ($1 billion) in projects that support transportation, communications, and value chains in Africa over the next three years.
Apart from Kenya, Mr Washburne visited Zambia, Rwanda, South Africa and Uganda in his maiden official travel to Africa.
INDEPTH: US steps up Kenya focus with fresh layer of investments