President William Ruto on Wednesday, April 24, revealed that investors from the United Arab Emirates would inject Ksh67 billion into the Kenyan economy.
The President revealed this during a meeting with UAE’s Minister for Investment Mohamed Alsuwaidi, at State House Nairobi.
On the scope of their investments, Kenyans were briefed that the investors had agreed on a financing and investment framework.
Through this framework, Kenya and UAE will explore programmes and investment opportunities worth USD500 million.
On how the billionaires had landed the deal, State House explained, “Our two governments have also agreed on a Memorandum of Understanding in mining that will help us explore investment and trade opportunities in the sector.”
The investment comes at an opportune moment when Kenya is mulling allowing mining in National Parks and other protected areas.
On March 25, Taita Taveta County governor Andrew Mwadime revealed that the plan was in advanced stages.
Mwadime made the remarks during a meeting with Cabinet Secretaries Alfred Mutua (Tourism) and Salim Mvurya (Mining).
The leaders were meeting to discuss the modalities to allow miners to access national parks and start the exploitation of minerals.
CS Salim Mvurya later acknowledged that the plan was in advanced stages to allow investors to exploit natural resources in national parks.
It was not revealed if the Arab billionaires from the UAE would take part in the exploration of minerals.
