The United Kingdom has availed $220 million to be used in improving access to high-quality internet across Kenya.
The money will be channelled through the British International Investment (BII) and is expected to go a long way in boosting the digital economy. Liquid Telcom, a leading provider of digital infrastructure is the beneficiary of this fund.
The announcement was made by BII chief executive Nick O’Donohoe at a function in Nairobi to launch the rebranded Development Finance Institution (DFI) in Kenya. O’Donohoe emphasized that the United Kingdom will continue to support Kenya’s fast-growing digital space.
“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.”
Other investments by Development Finance Institution (DFI) in the country are in sectors such as clean infrastructure and energy, food and agriculture, financial services, and logistics.
“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.
Kenya has grabbed the attention of investors around the world for its vibrant technology landscape which is partly aided by the availability of a dynamic workforce and enabling business environment.
The Internet is a pivotal enabler in the digital economy and investments such as these compliments efforts by the government and other stakeholders. Recently, the Kenyan government launched its sixth submarine internet cable valued at US$400 million. The 15,000-kilometre cable is expected to boost efforts towards high speed, lower latency, and broader bandwidth internet services in the country.