The British Chamber of Commerce Kenya (BCCK) and Jersey Finance have united to bolster investment initiatives across Africa. This announcement followed an exclusive evening reception in Nairobi, marking a growing alliance between the UK, Jersey (Channel Islands), and Kenya.
The partnership aims to foster vital waves of investment into Africa, channel capital to the continent, and stimulate job creation. Faizal Bhana, Jersey Finance’s Director for the Middle East, Africa, and India, underscored Africa’s pivotal role in their strategy, especially East Africa, with a special focus on Kenya.
“Kenya, as the largest economy in East Africa, is an important jurisdiction for Jersey,” Mr. Faizal Bhana said.
At the heart of this partnership is the intent to fortify ties between the United Kingdom, Jersey, and Kenya, creating a conduit for investment and fostering economic growth across Africa. The collaborative efforts aim to leverage Kenya’s status as East Africa’s economic nucleus and a hub for diverse sectors, aligning with Jersey’s long-established connections on the continent.
Notably, more than fifty finance firms from Jersey are actively engaged with clients and enterprises in Africa, signifying the growing interest in exploring business opportunities in the region.
Farida Abbas, the CEO of BCCK, shed light on the significance of this partnership, highlighting the Chamber’s substantial growth and its ongoing commitment to organizing networking events, trade missions, and other activities for its members in Kenya.
“The British Chamber has experienced significant growth over the years. We line up a series of networking events, such as this most recent one held with Jersey Finance, trade missions, and other activities for our members in Kenya,” she noted.
The deep-rooted relations between Kenya and the United Kingdom have been evident in their collaboration in international forums. The UK stands as the largest European foreign investor in Kenya, boasting around 150 British investment companies with a valuation exceeding EUR 1.3 billion.
Isaac Kahara, Country Head for the East African region at UK Export Finance, highlighted the strategic partnership’s multifaceted nature, emphasizing mutual prosperity, security, climate change, and sustainable development.
This alliance aims to support British nationals and businesses while nurturing new business owners emerging from East Africa. The collaborative relationship between Jersey’s International Finance Centre (IFC) and partners in the City of London presents a promising avenue for the emerging generation of East African business owners.
The discussions underscored the potential of Jersey’s IFC, collaborating with partners in London, to offer substantial support and opportunities to East African entrepreneurs.
