Kenya Launches Int'l Financial Centre To Boost Inflow Of Foreign Capital
Umer Jamshaid Published July 05, 2022 | 01:40 PM
NAIROBI, Jul 5 (UrduPoint / Pakistan Point News - 5th Jul, 2022 ) :Kenya on Monday launched the Nairobi International Financial Center (NIFC) to help spur the inflow of foreign capital to fund the country's development agenda.
President Uhuru Kenyatta said in a speech read on his behalf by Joseph Kinyua, Head of Public Service that the center seeks to enhance the business environment to enable companies to raise funds for projects, support innovation, and tap into new investments coming into Africa.
"The Nairobi International Financial Center has been designed as an efficient and predictable business environment to give more confidence to the large pools of global capital that have been watching our progress but have not yet taken the decision to invest," Kinyua said.
He added that the center is also expected to support Kenya's financial sector to attract sufficient capital and investment to build a diversified, innovative, and sustainable economy.
According to Kinyua, the center's focus on attracting green financing is a strategic enabler of Kenya's broader green economy strategy that entails developing the domestic green manufacturing capacity by connecting energy-intensive manufacturers to cheaper, renewable sources of energy.
Ukur Yatani, Cabinet Secretary of the National Treasury and Planning said that the establishment of the financial center is a demonstration of the commitment of the government to support and strengthen Kenya's position as the leading financial hub, not just in the East African region, but across the larger sub-Saharan Africa market.
"The center will also offer an important platform for businesses in Africa seeking to take advantage of the opportunities presented by the African Continental Free Trade Area to finance investment and trading activities within the sub-Saharan Africa region," Yatani noted.
Vincent Rague, Chairman of NIFC Authority said that the center has finalized an agreement with AirCarbon Exchange, a Singapore-based global carbon trading platform, to set up an exchange in Kenya in collaboration with the Nairobi Securities Exchange.
Rague observed that through the deal, NIFC will bring the global carbon markets closer to Kenya and enable local businesses as well as companies across the region to connect to the market and gain new revenues for their clean activities.
Related Topics
Recent Stories
President for dialogue with all political forces in Balochistan
Supreme Court adjourns IHC judges letter case
RDMC, Hunar Foundation Vocational Training Center inaugurated in Nokkundi
Man critically injured as vehicle catches fire amid CNG filling
Provincial health ministers chair meeting of Punjab Blood Transfusion Authority
Sheikh Jafar Khan Mandukhel assumes charge as Governor Balochistan
PITHM organizes counselling session
Minister for Planning, Development and Special Initiatives Ahsan Iqbal leaves f ..
Defence Minister vows to punish perpetrators of May 9 incident
AJK High Court orders Govt to legislate on electricity taxes
Seminar on "The Role of Youth in Nation Building: In the Light of Iqbal's Though ..
Stock markets mostly rise on lower rates optimism
More Stories From Miscellaneous
-
Concerted efforts urged to ease traffic flow on city roads
3 days ago -
Land degradation: A threat to food security
3 days ago -
Revamping health sector, a gigantic task ahead
3 days ago -
American band promotes intercultural harmony thru music fusions
3 days ago -
Waste Management – A persistent challenge for MWMC
5 days ago -
Experts for ending child labour
6 days ago
-
Labour Day - A reminder for better facilities to workers
6 days ago -
Stage Drama Mohabati Manhoon presents in Arts council Larkana
9 days ago -
Wheat farmers in a fix on price, procurement mechanism
10 days ago -
Modern tools to help transform crime investigation procedures
10 days ago -
Sanam Marvi captivates audience with mesmerizing performance
10 days ago -
Modern Education Techniques: A pathway to achieve economic development
11 days ago