220 million

The United Kingdom has availed financing worth $220 million to improve access to high-quality internet in Kenya. This, says British International Investment (BII) chief executive Nick O’Donohoe, is part of its drive to channel greater funding to, among others, help drive innovation and the digital economy.

The BII said it would support digital transformation through a $220 million financing to Africa’s largest telecoms company, Liquid Telecom, which is improving access to high-quality internet.

O’Donohoe announced this while speaking at a function in Nairobi to launch the rebranded Development Finance Institution (DFI) in Kenya. He joined British High Commissioner Jane Marriott at her Nairobi residence. In attendance were 150 guests, including business leaders and BII’s investment partners.

In his address, O’Donohoe, remarked on BII’s long history in Kenya, which dates to 1948. “Our history in Kenya shows our appetite to grow and shape markets,” he said. “We helped establish the Kenya Tea Development Authority in 1964, and we’ve continued to support the company’s growth to become the world’s third-largest exporter of tea and Kenya’s second-largest source of foreign exchange.”

Digital transformation

Besides the UK’s investment appetite for initiatives that will increase climate resilience and support a circular economy, O’Donohoe also stressed the importance of developing digital infrastructure.

“Going beyond this, BII will also back new technologies, … invest in the burgeoning digital economy, and support ambitious entrepreneurs who are creating solutions that can transform societies.”

“As we embark on this new chapter, we know the country will continue to hold an important place in our future and we look forward to working with all of you in the decades to come,” said O’Donohoe.

BII has an office in Kenya, which is headed by Seema Dhanani.

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Nigel Jr.
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