EU grants Ksh 500B to finance big four agenda

Implementation of the big four agenda has received a major boost with the European Union availing half a trillion shillings to finance the plan.

The funding will be spread in five years. National Treasury Cabinet Secretary Henry Rotich has said the European Union has agreed to deepen Kenyans exports to the bloc in a bid to boost trade.

EU is one of Kenya’s largest trading partners accounting for more than 60 percent of Kenya’s horticultural produce.

Last year, trade between Kenya and the European Union was worth 350 billion shillings with Kenya exporting goods worth 210 billion shillings while imports from EU stood at 140 billion shillings.

However, this was a drop from the 380 billion shillings that the two trading partners sold to each other. Strict imports requirement by the EU have been blamed for the declining business relations.

The Head of European Union delegation in Kenya Stefan Dejak has said the bloc is reviewing barriers that are hindering the growth of trade between the EU and Kenya as outlined by a joint commission strategy that has been signed.

In a bid to enhance relations, the EU has committed to fund projects under the big four agenda to the tune of 490 billion shillings spread over five years.

The funds will also go towards funding projects that will help Kenya realize the 17 Sustainable Development Goals as outlined by the United Nations.

 

  

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