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The Kenya High Commission in London will jointly host a major diaspora investment conference with the Foundation Enterprises Programme (FEP) next week in a renewed effort to encourage more Kenyans living abroad to invest back home.
The event, dubbed Kenya Diaspora Investor, seeks to stimulate a steady inflow of investments over the next decade.
The forum scheduled to take place at Hogan Lovells International LLP on Friday will feature a discussion on various opportunities available for investment and will be addressed by FEP founder and CEO John Kithaka.
Latest data from the Central Bank shows that Kenyans abroad sent home Sh10.4 billion ($117.1 million) in July, bringing the total remittance to Kenya in the last seven months to more than Sh71.2 billion.
In the wake of the latest economic figures that show that Kenya is now among the top 10 economies in sub-Saharan Africa, both the Kenya High Commission and FEP say they hope the discussion platform will stimulate further interest.
Mr Kithaka says diaspora remittances remain a critical lifeline to Kenya’s economy though much needs to be done to channel these hard-earned savings into innovative and sustainable investments.
He believes FEP, which was founded in 2002 with the aim of transforming communities by empowering them through pooling of resources, is a premier platform to invest in.
Its members’ resources are invested in optimal, innovative and sustainable business ventures to maximise returns for shareholders.
The organisation grew rapidly over a period of seven years and in 2009, FEP Holdings Limited was incorporated.
The holding company, with over 30,000 Kenyan investors, was recently converted to a public limited company and is now seeking to launch its private placement offer later this year through a rights issue to members.
The company’s top management will be discussing their diversified investment portfolio with the diaspora in the UK as well as exploring various opportunities in Kenya.
– Business Daily