$55.6bn investment heading Kenya's way

$55.6bn investment heading Kenya's way
By Tawanda Karombo, Journalist
06 Aug 2015

Rapid developments in Kenya's telecommunications industry are helping the country lead the east Africa region's infrastructure development charge.

Kenya is one of Africa's telecommunications success stories, with the Pew Research Center saying 82% of Kenya's populace owns a cellphone.

The mobile phones in Kenya have revolutionised the country's trade activity and saw a jump in investment into the sector.

Frost & Sullivan said on Thursday that Kenya was seeing massive investments into its telecommunications and power generation infrastructure.

"An estimated $55.6 billion in investment into infrastructure development in Kenya is planned (as of 2015), the majority of which will focus on telecommunications and power generation infrastructure," Frost and Sullivan said in a report released Thursday morning titled Africa infrastructure Tracker: Kenya.

However, countries like Uganda and Ethiopia are not seeing massive rises in telecommunications infrastructure.

Investors and companies there are instead pouring money into infrastructure investment projects in the oil and gas, mining and agriculture sectors.

The World Investment Report for 2015 said "Kenya is developing as a favoured business hub, which attracting investments" in sectors such as telecommunications, transport and industrial production among others.

About 61% of Kenya's populace that has access to mobile phones use them for mobile banking, with widespread use of mobile phones and applications within the agricultural sector.

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