UK Foreign Secretary, Dominic Raab said that the funding which will come in tranches, is part of the UK government’s support of President Uhuru Kenyatta’s vision of providing 100,000 affordable housing to Kenyans.
Of this amount, US$9 million will be from the UK funded InfraCo and another US$63.7 million from private investors, both coming in as part of the UK government’s investment on infrastructure in Africa.
“The US$72.8 million deal including US$9million from UK-funded InfraCo and US$63.7 million of private investment will mean affordable housing for 10,000 Kenyans. The project is through Acorn Housing. President Kenyatta attended the launch of Kenya’s first green bond on the London Stock Exchange (LSE) by Acorn a year ago,” Mr Raab said in Nairobi.
The minister did not provide details on the funding arrangement.
The Foreign Secretary, who was on his first official visit in the country, also announced an additional US$63.9 million which he said will be channelled towards the mitigation of climate change across the country.
The visit comes in the backdrop of a historic exit deal signed between the UK Prime Minister Boris Johnson and the European Union last December, ahead of the lapse of the Brexit transition period.
Kenya and the UK are negotiating a five-year Strategic Partnership signed between the two countries in January last year and which is set to strengthen the ties of the two nations post-Brexit.
Kenya’s Foreign Affairs Cabinet Secretary Raychelle Omamo yesterday said the visit by Mr Raab was aimed at reaffirming and promoting the deal.
“We have a strong partnership with the UK …and our meeting has sought to reflect on these areas of cooperation,” added Omamo.