Kenya seeks to attract over Ksh.258 billion in new investment by 2028

President Ruto said that the Qatari partnership aims to channel billions into infrastructure, green energy, affordable housing and financial technology sectors that will not only deliver returns but uplift millions of lives and create impact in Kenya and Qatar. 

He defined it as expressing how developing and emerging economies can build prosperity through partnerships, innovation, investment and trust.

"The Nairobi International Financial Centre is a key pillar of Kenya's strategy to mobilise long-term blended capital, deepening our financial market and supporting the next phase of our economic transformation," noted Ruto, who is in Qatar for the Second World Summit for Social Development.

The Head of State said projects like 50 new mega dams will propel Kenya to its next stage of development by putting at least 2.5 million hectares of land under irrigation, hence guaranteeing food security and export growth.

President Ruto also noted that expansion of installed energy capacity from the current 2,300 megawatts to 10,000 megawatts in the next 7 years will unlock industrialisation and empower green growth.

He stated that achieving that transformation will require significant capital estimated at Ksh.4.5 trillion.

"We are establishing the Kenya Sovereign Wealth Fund and the Kenya National Infrastructure Fund to mobilize resources, both domestically, blended finance and globally, using private sector resources."

The President believes that the MoU will connect Qatar and international investors to opportunities in Kenya's banking insurance and capital market while at the same time opening new avenues for Kenyan financial institutions to partner with Qatar's robust investment ecosystem.