In a bid to rebuild and grow the economy, President William Ruto announced a partnership with the International Finance Corporation (IFC), a private sector arm of the World Bank.
Ruto met with the leaders at State House on Friday, November 4, where they discussed ways to improve several sectors in the country.
Some of the key sectors the partnership will focus on include food production, housing, water harvesting, and capital markets.
"Our plan is to work with the private sector to achieve our objectives on water. They can build the dams, we can buy the water for irrigation and the IFC can help us put it all together," Ruto noted.
Furthermore, through private-public partnerships, digitisation and agricultural inputs will be boosted. Ruto emphasised his government's need to focus on production as compared to other administrations that put emphasis on consumption.
In addition to being very costly, consumption subsidy interventions are prone to manipulation and create uncertainty, including artificial shortage," he stated earlier.
The managing director of IFC, Makhtar Diop, urged Ruto to be Africa's voice for greater private sector involvement in the trade.
Diop noted that the Africa Continental Free Trade Area is a great opportunity for Africa's private sector to be involved in the transformation.
In the past, Kenya relied on funding from the World Bank and other international bodies to fund development projects.
Ruto had earlier emphasised the need to improve the economy for the benefit of all Kenyans. He pledged to take the economy back to the level it was during President Mwai Kibaki's era during the campaign.
He has also faulted retired President Uhuru Kenyatta for borrowing more than the country can repay and drowning Kenyans in debt.
