Kenya has been at the forefront of innovative financial models and resource mobilization to address financial gaps on the implementation of Africa Agenda 2063 and the 2030 Agenda for Sustainable Development. This was affirmed by the Chief Executive Officer, NEPAD/APRM Kenya Secretariat, Amb. Dr. Samori Okwiya during the Second-High Level forum of South-South and Triangular cooperation for Sustainable Development (SHLSSTrC) in Kampala, Uganda.
Amb. Dr. Samori Okwiya is representing the Principal Secretary, State Department for Economic Planning Mr. James Muhati.
Chief Executive Officer, NEPAD/APRM Kenya Secretariat, Amb. Dr. Samori Okwiya representing the Principal Secretary, National Treasury and Economic Planning, Mr. James Muhati at the HLFSSTrC in Kampala, Uganda
In his remarks, the CEO noted that the Kenyan government has in recent years put in place specific measures and initiatives aimed at boosting economic growth and reducing poverty post COVID-19 pandemic. He stated first key strategy being; the increase in access of finance for small and medium-sized enterprises (SMEs), which are a vital engine of economic growth in the country.
“Kenya introduced three economic stimulus programs to protect its citizens and businesses from the negative impact of the COVID-19 pandemic. The first program, which consisted of eight points, aimed to improve road infrastructure and urban development, education, financial support for businesses including micro, small, and medium enterprises, healthcare, agriculture and food security, tourism recovery, environmental and sanitation efforts, manufacturing, and social protection through cash transfer programs.”
In addition, Amb. Dr. Samori stated that the government is implementing a comprehensive economic strategy called Bottom-Up Economic Strategy, which is aimed at enhancing the economy and promoting inclusive growth. This strategy specifically focuses on increasing investment in five key sectors among them: agriculture, micro, small, and medium enterprises, housing and settlements, healthcare, and digital infrastructure and the creative industry. These sectors are believed to have the greatest impact on the economy and the well-being of citizens.
Further, the government has successfully implemented new financial models, such as green bonds, to allocate resources for green investments in Kenya, which includes renewable energy, low carbon transportation, water infrastructure, and sustainable agriculture. The National Treasury and the Green Economy Strategy and Implementation Plan (GESIP) have established policies to focus public sector investment on the green economy and the plan includes issuing a sovereign green bond.
Consequently, with regard to the continental reports on Agenda 2063 progress from 2019 and 2021 which noted Africa’s financial gaps to execute Infrastructure and other basic services, Amb. Dr. Samori acknowledged Kenya’s dedication to achieving fiscal stability and maintaining debt by implementing measures to decrease the overall budget deficit and slow down the accumulation of debt. He highlighted measures such as; Increasing tax revenue, promoting economic growth, and leveraging private sector investment to support infrastructure and services programs. The aforementioned strategies align with Kenya’s National Economic Planning Policy, which outlines the government’s approach to address financial gaps and achieving sustainable development goals.
He concluded by pointing out that, the African Union’s initiatives have significantly improved the capacity of African countries and regions to plan, carry out, and track the advancement of the Africa Agenda 2063, which aims to establish a unified, prosperous, and peaceful Africa led by its own people and a significant player on the international stage.