The number of foreign-backed private public investments is increasing amid institutional and legal reforms, a Kenyan official said Thursday.
Christopher Kirigua, the director-general of the Public Private Partnerships (PPP) Directorate, told an investment conference in Nairobi, Kenya’s capital, that since the reforms were put in place last year, the country has registered seven projects with funding from foreign investors compared to only one project per year before the reforms.
“The number of approval processes has reduced from 13 to 3 and this has drawn into the country international investors from Asia and Europe,” Kirigua said during Kenyan Pension Funds Investment Consortium (KEPFIC) forum.
According to the government, Kenya has attracted foreign-backed PPPs into the infrastructure and energy sectors.
Kirigua noted that other legal adjustments that have made Kenya an attractive investment destination are the balancing of the risk undertaken between the government and the foreign private investors. He revealed that when the risk is too high for the foreign investors, it will make the projects more expensive and hence deter the international flow of capital into the country.
Kirigua added that the country also has no foreign currency controls, meaning that international investors can easily repatriate their profits. Enditem