Kenya: Private sector needs $40mn investment to achieve SDGs

The Standard Chartered Bank has revealed a new report that states that Kenya need USD 40 billion investment in her private sector with the objective to achieve the United Nations’ Sustainable Development Goals set to achieve by 2030.

The study by Standard Chartered Bank reveals that the opportunity for the private sector to improve the lives of Kenyans is substantial and identifies opportunities for the private sector to contribute to three infrastructure-focused goals between now and 2030, APA News noted. Among the goals include, Sustainable Development Goal (SDG) 6 (clean water and sanitation), SDG 7 (affordable and clean energy), and SDG 9 (industry, innovation and infrastructure).

“With one of the fastest-growing economies in Sub-Saharan Africa, Kenya is a promising country for investment,” said the Chief Executive Officer at Standard Chartered, Kariuki Ngari opined.

“The greatest opportunity in Kenya is found in achieving and maintaining universal access to electricity representing a USD 15.6 billion private-sector opportunity. This takes into account the proportion of the Kenyan population currently without electricity access, projected population growth, and the growing demand for power as the economy develops,” the study reveals.

Around  56 percent of the Kenyans are currently lacking right access to clean water and sanitation, while 36 per cent have no access to electricity, and the country’s digital access rate (a combination of mobile phone subscription rates and internet connectivity) stands at 34 percent.

The study by Standard Chartered Bank reveals that to significantly improve Kenya’s transport infrastructure by 2030 indicates a USD9.1 billion investment opportunity for the private sector.