The British Chamber of Commerce Kenya (BCCK), which represents companies from the United Kingdom, and Jersey Finance have collaborated to support upscaling of investments in Africa.
The announcement came after an exclusive evening reception held in Nairobi.
According to a press release, the event captured the growing ties between the United Kingdom, Jersey (Channel Islands) and Kenya, as well as the strong links between the City of London and Jersey.
Further, the entities noted that the event marked their commitment to supporting new and critical waves of investment into Africa.
These investments, the statement added, are envisioned to attract capital to the continent and creating jobs.
Speaking during the exclusive affair, Faizal Bhana, Jersey Finance Director for the Middle East, and Africa and India, noted that Africa is a key part of Jersey Finance’s strategy.
Additionally, he revealed that East Africa is a focus region for the finance organization.
“Kenya, as the largest economy in East Africa, is an important jurisdiction for Jersey,” Mr Faizal Bhana noted.
“Over many decades, Jersey’s international finance center, has built strong connections with Africa by supporting both inbound and outbound investment for private and institutional investors. Many businesses in Jersey have existing relationships on the continent.”
Also Read: King Charles Sends Exclusive Invites to Kenyans for Lunch
Kenya Praised for Favorable Economic Conditions
Further, riding on the shared sentiments, it was noted that Kenya is the business hub of East Africa, boasting a track record of strong macroeconomic growth across multiple sectors.
Notably, more than fifty finance firms in Jersey are already working with clients and businesses in Africa.
Commenting during the event, the CEO British Chamber of Commerce Kenya, Farida Abbas, said that the partnership is significant as it will enhance connectivity.
So far, the BCCK has over 300 active members ranging from FTSE 100 companies to individual British consultants working in Kenya.
“The British Chamber has experienced significant growth over the years. We line up a series of networking events such as this most recent one held with Jersey Finance, trade missions, and other activities for our members in Kenya,” she noted.
Further deals in Kenya by BCCK
However, she revealed that this is not the first time that BCCK has signed partnerships in the county.
“Just recently, we, together with Kenya’s Ministry of Investments Trade and Industry (MITI) signed a Memorandum of Understanding to promote market access and business integrity. An expression of our dedication to Kenya and its financial growth”, Farida Abbas added.
As per the information in the statement, Kenya and the United Kingdom have had good working relations in international fora.
According to data from the Kenya-UK High Commission, the United Kingdom is the largest European foreign investor in Kenya.
Currently, there are about 150 British investment companies based in Kenya, valued at more than £1.28 billion.
Also Read: Kenyan Named 9th Most Powerful Black Person in the UK
This, according to entities, proves that the United Kingdom’s relationship with Kenya is a strategic one, based on deep respect, partnership, and mutual interest.
Isaac Kahara, Country Head for the East African region at UK Export Finance and a keynote speaker in the event, emphasized on the strategic partnership that relates to the citizens of both countries, the mutual prosperity, security and stability, climate change and sustainable development.
This includes supporting British nationals and businesses.
As a result of these discussions, it was clear Jersey’s IFC, through its collaborative relationship with partners in the City of London, has much to offer the new generation of business owners emerging from East Africa.
