Certainly! Here’s an enriched version of the same lines with more detail and context:
Kenya aims to significantly boost private sector investment by embarking on a strategic privatization of key state-owned assets.
President William Ruto formally announced these ambitious plans on Wednesday during a high-profile event at the London Stock Exchange.
This bold initiative is designed to revitalize Kenya’s economic landscape and foster sustainable growth by attracting more private capital.
At the forefront of this privatization drive is the Kenya Pipeline Company, which is set to be the first major entity listed.
Its initial public offering (IPO) is scheduled for this year on the Nairobi Securities Exchange, marking a landmark moment for the country’s capital markets.
This move clearly signals the government’s strong commitment to deepening capital market reforms and enhancing transparency.
The privatization effort represents a significant step forward in opening up the economy to broader participation and efficiency.
President Ruto underscored the importance of a “structured, time-sensitive programme” to ensure the smooth execution of this process.
This comprehensive plan focuses on identifying, preparing, and positioning key government assets for privatization in a transparent manner.
Such assets are intended to be either listed on stock exchanges or enhanced through active private sector participation and management.
The overarching strategy aims to boost operational efficiency, improve service delivery, and unlock greater economic value.
Building strong and vibrant domestic capital markets is also expected to substantially reduce Kenya’s reliance on costly external debt.
President Ruto highlighted this crucial benefit as Kenya seeks to diversify its funding sources following a period of economic challenges.
The country recently faced widespread protests that forced the government to implement austerity measures and cancel planned tax increases.
In a separate address at the Africa Debate later on Wednesday, President Ruto reiterated the need to reduce dependence on external aid, citing unpredictable economic “shocks.”
Kenya’s vision centers on leveraging its own natural resources, human capital, and private investments to drive development and self-sufficiency.
He also highlighted innovative partnerships with the private sector, including healthcare initiatives where hospital equipment is provided on a fee-per-use basis.
In infrastructure, Kenya has securitized its road network, successfully raising $1.3 billion in funding through bond issuance.
These infrastructure bonds are set to be listed soon, offering wider access to investors and deepening the country’s financial markets.
This comprehensive approach reflects Kenya’s commitment to fostering sustainable growth and reducing vulnerability to external economic pressures.