American Delegation to Kenya Close Deals Worth $10...

American Delegation to Kenya Close Deals Worth $100 million On first day of trade summit

A $20 million dialysis centre, 1,200 affordable homes in Tatu City metropolis worth $40 million, and a $10 million dollar loan to a Kenyan bank are just among the $100 million (sh10 billion) worth of deals signed between American investors and Kenya; in the US-Kenya Trade conference happening in Nairobi.

The Trade conference was headlined by a visit from the US Under-Secretary of Commerce for International Trade Gilbert Kaplan, accompanied by a delegation of 60 American investors looking for trade opportunities in Kenya. The trade summit was organised by the US Chamber of Commerce.

Speaking at the event, President Uhuru Kenyatta said, “given our long and well-established relationship, we can do more together. In addition to the resources, we anticipate that American investors would bring in knowledge and technology transfer. I invite the US companies to walk with us the big four journey.”

Kenya has been a key trade partner for the United States in Africa, importing $572.2 million and exporting $454.5 million worth of goods in 2017 alone, additionally, the US is also Kenya’s number one source of international tourists. However, with a trade deficit of $ 117.7 million, multilateral deals like the ones signed at the summit are much welcome with a focus on the Big Four Agenda.

US Commerce Under-Secretary Gilbert Kaplan reiterated this focus saying that the US was committed to backing Kenya’s Big Four Agenda, which covers affordable housing, food security and nutrition, affordable healthcare and manufacturing.

Among the deals agreed on, will include a $20 million partnership between American company Medtronic and the Kenyan government to strengthen specialised medical services by constructing a medical dialysis centre. A partnership between real estate development company Unity Homes and Rendeavor to construct 1,200 affordable homes in Tatu City.

A $ 10 million dollar financing deal to Victoria Bank from World Business Capital on credit basis. Additionally, the Kenyan government has entered a pact with the USAID Power Africa-Kenyan that will enable financing of some of Kenya’s institutions including Kenya Electricity Transmission Company (KETRACO), Kenya Power and the Energy Regulatory Commission (ERC)

Furthermore, the Kenya Tea Development Agency (KTDA) signed a deal with the US Trade and Development Agency (USTDA) for a study to determine the feasibility of a solar and battery storage project to generate 30 megawatts of electricity for its factories.

Gabriel is an entrepreneurship enthusiast, with a fondness for questioning the workings of everyday things. He is an entrepreneur, a lover of stories and a member of Rotaract. He is also a student, the fact that anyone can change the world is the only thing keeping him awake in class.

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