The World Bank has thrown its weight
behind Kenya terming the country as an economic giant that needs
partners to develop its strengths.
Addressing President Uhuru Kenyatta at the bank’s headquarters in Washington DC on Thursday, the World Bank President Jim Yong Kim said Kenya is a giant that the United Nations Financial Institutions cannot ignore.
Addressing President Uhuru Kenyatta at the bank’s headquarters in Washington DC on Thursday, the World Bank President Jim Yong Kim said Kenya is a giant that the United Nations Financial Institutions cannot ignore.
“You are
not a small fish but a big one. The respect you (President Uhuru
Kenyatta) have among your regional counterparts is also a plus and
economic success in Kenya is very personal for me,” said Mr Kim.
He added that current economic reforms in Kenya are encouraging, saying that he will support the country to achieve its goals.
His remarks come just as Mr Kenyatta urged US companies to increase their presence in the East Africa.
His remarks come just as Mr Kenyatta urged US companies to increase their presence in the East Africa.
He
spoke at a US-Africa Leaders Summit in Washington DC with the US
Chamber of Commerce, chief executives of major US corporations and
private sector bosses from Kenya, Uganda, Tanzania, Rwanda and Burundi.
Kenya was represented by 58 high profile individuals from industry
including the Kenya National Chamber of Commerce and Industries and
Kenya Private Sector Alliance.
Mr Kenyatta said: “We
want to take advantage of the vast economy of the US and we have made
progress in improving our legal systems to make our region more
business-friendly,” he noted, adding: “we will do everything to
facilitate your entry into our market to benefit us and the US.”
IGNORE US
The
President told Americans that Kenya and other countries in the region
have never taken deliberate decisions to ignore the US in terms of
business partnerships.
“We are looking for investments everywhere because our economies require great investments,” he said.
He urged the World Bank to support Kenya in health and real estate, power generation, infrastructure development and devolution.
This
came a day after Bloomberg reported that the World Bank has excluded
coal from its $5 billion funding to boost power supply in Kenya and six
African countries.
The World Bank spokesperson for
Africa, Mr Phil Hay told Bloomberg that the $5 billion will only finance
electricity generation from wind, geothermal, gas and hydro.
Kenya is focused on coal as a source of energy alongside geothermal, natural gas and wind.
The country is currently scouting for a contractor for the 1,000 megawatt coal plant in Lamu County.
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