Ruto woos US investors to buy Kenya Pipeline, KenGen among other parastatals
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Ruto woos US investors to buy Kenya Pipeline, and KenGen among other parastatals in the bilateral trade talks
Ruto woos US investors to buy Kenya Pipeline, and KenGen among other parastatals in the bilateral trade talks.
On Tuesday, April 25, Kenya’s Trade Cabinet Secretary (CS), Moses Kuria, hinted at Kenyan Government’s plan to sell the Geothermal Development Company (GDC), Kenya Pipeline Company (KPC), and Kenya Electricity Generating Company (KenGen) to private investors.
While speaking at the Financial Services Forum during the US-Kenya Business Roadshow in New York, the CS also called upon a group of US investors to invest in Kenya.
“There will be many other privatizations including our pipeline company and two others that are controlling our renewable resources that is KenGen and Geothermal.
“That is talking to the commitment of the Government of Kenya in terms of ensuring that we exit the space of enterprise and we let the private sector grow. What we are doing is providing an environment that is conducive for investment,” Kuria stated.
CS Kuria was accompanied by Foreign Affairs CS Alfred Mutua to woo American investors to invest in Kenya.
Kuria also advised investors to utilize the e-citizen platform, which makes it easier to access government services.
In addition, he urged businessmen and women to invest in the Nairobi Securities Exchange (NSE), calling it one of Africa’s top stock markets.
“Most of our services are actually digital. By the end of July, we are going to have 5,000 government services available online on our digital platform, the e-Citizen, as part of our e-government approach and you can be able to take advantage of that.
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“You can also choose to invest in the Nairobi Securities Exchange (NSE). One of the most robust, most liquid exchanges in Africa, and this year we are going to deepen the scope and the breadth of the capital markets through a number of listings and privatization,” he noted.
Kuria’s remarks followed a Cabinet decision that allowed the government to sell parastatals to private investors without going through Parliament.
On March 21, 2023, President Ruto through his Cabinet approved the Privatisation Bill which was aimed at creating a more facilitative and non-inhibiting legal and policy framework to oversee privatization in the country.
“The proposed Bill gives power to the Treasury to privatize public-owned enterprises without the bureaucratic approvals of Parliament,” the Cabinet dispatch read.
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