EU scheme to give loans and grants to businesses in Kenya
Thursday June 13 2019
Equity Bank Kenya managing director Polycarp Igathe, European Union Chargé d’Affaires Walter Tretton and Self Help Africa Country director Rebecca Amukhoye in Nairobi on June 12, 2019. The European Union has partnered with the private sector in Kenya to support investments. PHOTO | SALATON NJAU | NATION MEDIA GROUP
The European Union (EU) has launched a scheme in Kenya to encourage and support private and public investments, and promote creation of jobs.
The External Investment Plan (EIP) was officially launched in Nairobi on June 12, 2019 at an outreach workshop held with entrepreneurs.
The EU Chargé d’Affaires in Kenya, Mr Walter Tretton, said: “The main objectives of the European Union’s External Investment Plan is to uplift private and public investment through a variety of financial instruments, including grants provided by the European Union backed up with loans from International and European Financial Institutions.”
The scheme already supports projects in the transportation, energy, agriculture, and water and sanitation sectors, but many of them are public sector investments. But the EU is now focussing more on the private sector to support development, said a statement released after the workshop.
The EU wants to focus on stronger business and investment policy dialogues to create a favourable environment.
EIP was initially launched in September 2017, aiming at encouraging private investments in African countries and those neighbouring the EU.
Since its launch, 94 blended funding operations and 28 guarantee facilities have been approved.