The European Union (EU) has promised to invest KSh2.8 billion in Kenyan businesses.
According to EU representative to Kenya, Ambassador Simon Mordue, the funding will be limited to businesses whose scope is renewable energy and climate change.
The EU has many ways to support the private sector. Blending these opportunities can leverage 1.5 billion Euros to invest in Kenya annually.
Ambassador Simon Mordue – EU representative to Kenya
Additionally, president of the Kenya National Chamber for Commerce and Industry, Richard Ngatia, emphasized the importance of an EU – Kenya partnership, citing the need to achieve more SME friendly regulatory and poliy environmment.
The European Union is a political and economic union of 28 member states that are located primarily in Europe.
Kenya mainly exports agricultural commodities such as cut flowers, fruits and vegetables to the EU. These account for over 90% of total export value. Others commodities are tea, coffee, fish and fisheries products, sugar, semi-processed tobacco, textile and clothing, coffee and handicrafts, among others.
The EU remains Kenya’s second largest market after COMESA.
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