KENYA, QATAR SEAL DEAL

President William Ruto has witnessed the signing of the Memorandum of Understanding between the Nairobi International Financial Centre Authority and the Qatar Financial Centre, which aims to attract over USD 2 billion (nearly Ksh. 258.4 billion) in investment by 2028.
President Ruto said the partnership with Qatar seeks to channel billions into infrastructure, green energy, and affordable housing and financial technology that will not only accrue returns but uplift millions of lives and create impact in Kenya and Qatar.

He defined it as expressing how developing and emerging economies can build prosperity through partnerships, innovation, investment, and trust."The Nairobi International Financial Centre is a key pillar of Kenya's strategy to mobilise long-term blended capital, deepening our financial market and supporting the next phase of our economic transformation," noted Ruto, who is in Qatar for the Second World Summit for Social Development.

The Head of State said projects like 50 new mega dams would propel Kenya to its next stage of development by putting at least 2.5 million hectares of land under irrigation, hence guaranteeing food security and export growth.

President Ruto also observed that expansion of the installed energy capacity from the current 2,300 megawatts to 10,000 megawatts in the next 7 years will unlock industrialization and empower green growth.
He argued that such transformation will require huge capital approximated at Ksh.4.5 trillion.

"We are establishing the Kenya Sovereign Wealth Fund and the Kenya National Infrastructure Fund to mobilize resources, both domestically, blended finance, and globally, using private sector resources." The President believes the MoU will link Qatar and international investors to opportunities in Kenya's banking, insurance, and capital market, while at the same time opening new avenues for Kenyan financial institutions to partner with Qatar's robust investment ecosystem.