Regional Markets

Kenya to sign investment MoU with London Stock Exchange

The institute will train Kenyans to take up jobs in the industry not only in the country but also in the region and Africa at large, Kazungu said.

Kenya, November 8, 2017 – Kenya is working closely with the London Stock Exchange to avail capital and investment opportunities for the mining sector in Kenya, through global capital markets.

Through the mining ministry, the government is seeking to capitalize on the Africa advisory group launched by London Stock Exchange Group in March 21, 2016, aimed at boosting African capital market development.

Mining Cabinet Secretary Dan Kazungu on Wednesday confirmed the ministry is engaging the 12-member advisory group to forge a roadmap that will inform investments.

“We are set to have a detailed engagement on November 24, on the key areas of partnership,” Kazungu said on Wednesday, after a meeting with private investor and Kenya’s LSEG representative Mutuma Marangu.

Marangu sits at the London Stock Exchange Africa Advisory Board.

“There are a lot of opportunities for the sector and this is one of them. We want to partner with the LSE to avail capital and opportunities for the country’s mining sector,” Kazungu said.

The LSEG Africa Advisory Group brings together African business leaders and senior representatives from pan-African economic bodies, to discuss the challenges and opportunities presented by the development of Africa’s capital market infrastructure.

The group is leading a number of initiatives to support capital markets development in Africa.

The advisory board which has the backing of the UK government is tasked to deliver empirically grounded, actionable and Africa-specific policy recommendations.

The move goes in line with the government’s plan to make Nairobi a mineral trade hub, which includes the setting up of a mineral commodities exchange in the capital.

The Mining Ministry is also keen to have mining companies in the country trade at the stock exchange.

Other targets Kazungu said include having Export Processing Zones for minerals in the country.

“We want to bring the minerals here, process them then export to other markets,” he said.

In advancing the country’s technical know- how on the mining sector, the government has  established an inter-ministerial committee, through the ministry of mining and the ministry of education, tasked  to set up national modalities in establishing the national mining institute.

The institute will train Kenyans to take up jobs in the industry not only in the country but also in the region and Africa at large, Kazungu said.

The government also plans to enhance training through Technical Training Institutes in the country.

In collaboration with the Taita Taveta University, the education ministry and Germany University, the government is building a Ksh600 million national mining institute complex at in Taita Taveta County. The project is expected to be ready by end of this year.

By Martin Mwita

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