President Kenyatta urges World Bank group to support the private sector

President Uhuru Kenyatta has called on the International Finance Corporation (IFC) and other World Bank constituent financial institutions to provide more support to the private sector to spur Kenya’s economic growth.

The President said IFC has the potential to help in making Kenya a lucrative investment hub through supporting the private sector in implementing the Government’s Big 4 Agenda.

“Kenya has the potential to accelerate its economic growth and I am confident that with your partnership we can achieve that goal,” President Kenyatta said.

The President spoke on Tuesday during a meeting with IFC Managing Director Makhtar Diop at State House, Nairobi.

Mr Diop who led a high-level delegation briefed the President on the involvement of IFC in different economic sectors under the Big 4 Agenda.

“I will have roundtable discussions with stakeholders in the pharmaceuticals and housing sectors to see how best we can collaborate to ensure the realization of affordable healthcare and housing for the Kenyan people,” said Mr Diop.

President Kenyatta and Mr Diop also discussed a plan that Kenya is keen on implementing to manufacture vaccines.

The Head of State appreciated the role IFC has been playing in supporting Kenya’s private sector, noting that the Big 4 Agenda has opened even more opportunities for increased collaboration through the country’s Public-Private Partnership programme.

“We believe there is still a role that you can play in enabling the private sector to participate more in support of our provision of affordable housing, universal healthcare, food security and manufacturing through Public-Private Partnerships,” the President said.

President Kenyatta highlighted that the Government has come a long way in creating an enabling environment for investors in the different sectors.

Mr Diop assured the President of his institution’s commitment to continue supporting Kenya’s development agenda through private sector financing.

He said IFC intends to achieve its goals by providing inclusive financing and boosting recovery by developing the capital markets.

“We look forward to working more closely with the private sector in Kenya which is already vibrant and enable it to contribute more significantly in the achievement of the country’s development goals as well as promote intra-Africa trade. It is time for Africa, as a continent, to begin trading within itself,” Mr Diop said.

On climate change, Mr Diop said his institution is keen on providing financial support to the private sector in implementing environmental adaptation and mitigation projects.

On his part, the President said more steps are being taken to enhance the supply of electricity at affordable cost to boost economic growth across the country.

The meeting was attended by Head of Public Service Dr Joseph Kinyua, National Treasurer CS Ukur Yatani, PS Julius Muia and Deputy Chief of Staff (Policy and Strategy) Ruth Kagia.