Kenyan President William Ruto has confirmed that a new investor has been secured to fund a Ksh33 billion cement factory in Kitui County. The project, which had previously been abandoned by Nigerian billionaire Aliko Dangote, is slated to break ground in November. According to President Ruto, the new investor has already been identified, and he will travel to Kitui to officially mark the beginning of the project. This development is part of the government's effort to improve Kenya's business climate and attract large-scale projects.
The Kitui cement factory project was initially proposed seven years ago, with Dangote expressing interest in developing a multi-billion-shilling cement processing facility. However, he withdrew from the project due to frustration with the process, ultimately redirecting his investment to Tanzania. President Ruto noted that this presented a missed opportunity for Kenya to establish the plant. The new investor is expected to revive the project, creating jobs for Kenyan workers and contributing to the country's economic growth.
President Ruto emphasized that his administration is committed to protecting investors from unnecessary demands and ensuring that Kenyan workers benefit from the jobs created by the new factory. He also defended the planned Ksh2 trillion East African oil refinery in Lamu, stating that the government will handle any resident claims on the land rather than the investor. This approach is part of a broader effort to create a more investor-friendly environment in Kenya.
According to President Ruto, Kenya's historic difficulty in attracting major investments has been attributed to inadequate incentives and demands such as share stakes and bribes. To address this, the government has pledged to implement reforms aimed at creating a more conducive business environment. The President made these remarks during a media engagement in Mombasa, highlighting the government's commitment to attracting large-scale projects and promoting economic growth.
The new cement factory in Kitui County is expected to have a significant impact on the local economy, creating jobs and stimulating economic growth. President Ruto's administration has been working to attract foreign investment, and the successful completion of this project is seen as a major boost to the country's efforts. The project is also expected to contribute to the development of the region, improving infrastructure and services.
The government's efforts to attract investors have been ongoing, with President Ruto highlighting the importance of creating a favorable business environment. The President has been engaging with various stakeholders, including investors and local leaders, to promote Kenya's investment opportunities. The new cement factory project is seen as a key milestone in this effort, demonstrating the government's commitment to attracting large-scale projects.
The groundbreaking ceremony for the Kitui cement factory is scheduled for November, marking a significant milestone in the project's development. President Ruto's announcement has generated optimism among local leaders and residents, who are eager to see the project's benefits. The successful completion of the project is expected to have a lasting impact on the region, contributing to economic growth and development.
Key points
- President Ruto announces new investor for Ksh33 billion cement factory in Kitui County.
- The project was previously abandoned by Nigerian billionaire Aliko Dangote due to frustration with the process.
- The government aims to create a more investor-friendly environment, with reforms to address inadequate incentives and demands.
