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Kenya News

African equity fund invests in Kenya's General Plastics

An African investment fund specializing in agriculture has invested in Kenyan packaging firm General Plastics Ltd. to provide funds to expand in the region, the companies announced Jan. 28. GPL, which employs 900 people at two injection and blow molding factories in Nairobi, said the investment from the African Agricultural Fund and fund manager Phatisa will let it tap into growing demand for food packaging. “The partnership with Phatisa will allow us to reinforce our plans to expand into the region,” said Rashik Shah, founder and managing director of GPL. . ( Plastic News dot com)

Business maintains a bright outlook for the economy

The Kenya Private Sector Alliance (KEPSA) held its first monthly CEO's Media Briefing. The aim of the briefing was to update the members of the fourth estate on the progress made so far on improving the general business environment. During the briefing, KEPSA Chief Executive Carole Kariuki outlined the private sector's agenda for the year; maintaining the positive outlook for economic growth, wealth and job creation. The payment of VAT refunds with the first instalment of Ksh. 9.3 billion; provides considerable stimulus to the local economy as it will help the industries lower cost of borrowing, which is currently a critical challenge to be addressed.

VKenya seeks to raise Sh1.8tr for infrastructure

The Government is looking to raise Sh1.8 trillion through the public-private partnership framework to fund 69 projects. According to the PPP Unit of the National Treasury, the funds will be sourced from local and foreign investors, and will be channelled towards planned projects in the transport, energy, education, water and sanitation, and health sectors. PPP Unit Director Stanley Kamau said the money at the Government's disposal is not enough to implement all infrastructure development plans. The Second Medium Term Plan (MTP II) estimates the country's infrastructure spending need at $4 billion (Sh376.6 billion) per year, but faces a deficit of between $2 billion to $3 billion (Sh188.3 billion to Sh282.5 billion). Kamau said the PPP model is expected to help bridge this gap.