The British Chamber of Commerce Kenya (BCCK) and Jersey Finance are set to collaborate in order to support investments in Africa. This was announced at a reception held in Nairobi on December 6, 2023.
Speaking during the event, Mr. Faizal Bhana, Jersey Finance Director – Middle East, Africa and India, said: “Africa is a key part of Jersey Finance’s strategy, and East Africa is a focus region for us. Kenya, as the largest economy in East Africa, is an important jurisdiction for Jersey.”
“Over many decades, Jersey’s international finance centre, has built strong connections with Africa by supporting both inbound and outbound investment for private and institutional investors. Many businesses in Jersey have existing relationships on the continent,” he said.
Kenya is the business hub of East Africa, boasting a track record of strong macroeconomic growth across multiple sectors.
Jersey Finance is a not-for-profit organisation that works closely with key partners to represent and promote Jersey as a forward-thinking international finance centre (IFC). More than fifty finance firms in Jersey are already working with clients and businesses in Africa.
Farida Abbas, CEO British Chamber of Commerce Kenya, said that the partnership is significant as it will enhance connectivity.
“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 said.
“Just recently, we, together with Kenya’s Ministry of Investments Trade and Industry (MITI) signed a Memorandum of Understanding to promote market access and business integrity. An expression of our dedication to Kenya and its financial growth”, she added.
The keynote speaker, Mr Isaac Kahara, Country Head for the East African region at UK Export Finance emphasised the strategic partnership that relates to our people, our mutual prosperity, security and stability, climate change and sustainable development, including supporting British nationals and businesses.
Kenya and the United Kingdom have good working relations in international fora. Data shows that the United Kingdom is the largest European foreign investor in Kenya. Currently, there are about 150 British investment companies based in Kenya, valued at more than £1.28 billion.
