Kenya has formalised investment deals valued at Ksh 374 billion ($2.9 billion) that are expected to create at least 63,000 new jobs, in what represents one of the largest single-day investment announcements in the country’s recent history. The deals were unveiled by President William Ruto during the opening of the Fourth Kenya International Investment Conference (KIICO) held at the Radisson Blu Upper Hill in Nairobi on March 25, 2026, alongside Mozambique’s President Daniel Francisco Chapo as the chief guest.
The 20 deals span seven sectors — agriculture, mining, manufacturing, healthcare, ICT and business process outsourcing, real estate, and energy — and will be implemented across 10 counties including Kiambu, Bungoma, Machakos, Kitui, Nairobi, Kilifi, Mombasa, Uasin Gishu, Tana River, and Kericho. The total value significantly surpassed the original conference target of mobilising more than $2 billion in new commitments, which had been set when the event was launched in January.
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A Signal of Growing Investor Confidence
In his keynote address, President Ruto framed the deals as evidence of a broader shift in how the international investment community perceives Kenya. He pointed to the country’s recent credit rating upgrade by Standard & Poor’s from B- to B as a concrete signal of strengthening macroeconomic fundamentals, building on the earlier Moody’s upgrade to B3 from Caa1 in January 2026, which cited eased near-term default risk.
The S&P upgrade, announced in August 2025, reflected the agency’s view that Kenya’s external liquidity risks had receded, with foreign exchange reserves reaching a record $11.2 billion at the time — up from $6.6 billion at the end of 2023. By the time of the KIICO announcement, reserves had climbed further to a historic $14.6 billion, representing nearly seven months of import cover.
Ruto also highlighted that foreign direct investment inflows in 2025 grew by over 15 percent, exceeding $2 billion for the first time, a marked acceleration from the $1.78 billion in investment facilitation recorded by InvestKenya in 2025, up from $881 million in 2024. He added that inflation has averaged 4.4 percent for an extended period, having come down from 9.6 percent three years ago, while the exchange rate has remained stable at around Ksh 129 to the dollar for over two years.
The strong performance of Kenya’s capital markets further buttressed the investment case. In 2025, the Nairobi Securities Exchange ranked as the second-best performing exchange in Africa on the MSCI frontier and emerging markets indices, delivering a 52.2 percent return in dollar terms. Performance was driven by heavyweights like Safaricom (+66.3 percent) and KCB Group (+58.1 percent), and the rally was underpinned by Central Bank rate cuts and stable currency conditions that preserved gains for foreign investors.
Agriculture: The Largest Sector Allocation
Agriculture and agro-processing accounted for the single largest sector allocation, attracting approximately $890 million in investment commitments that are projected to create over 27,000 new jobs. Three major projects anchor this pillar.
Tana Bliss Kenya’s $300 million integrated rice and irrigation project in Tana River County represents the largest individual agriculture deal. Kenya currently produces approximately 240,000 metric tonnes of rice annually, well below domestic consumption needs. The Tana River region has long been identified as a high-potential area for rice production, with existing irrigation schemes dating back decades and the government targeting a significant ramp-up in output by 2030.
The Tana River Sugar Company’s $285 million modern sugar milling facility is designed to bolster Kenya’s sugar production capacity, a sector that has faced chronic underperformance and import dependency. Meanwhile, Blue Skies’ investment in fresh-cut mango processing links Kenyan smallholder farmers to premium UK and EU markets under the Kenya-UK Trade Agreement, providing a direct export pathway for horticultural produce.
President Ruto described the scale of the agricultural investment as transformative. “We are not just talking about numbers; we are talking about real investments, including $1 billion in agriculture alone,” he said, adding that the majority of these investments were already at advanced stages of implementation, with several breaking ground.
Manufacturing: $600 Million Across Eight Deals
The manufacturing sector attracted $600 million through eight separate deals covering fertiliser production, textiles, solar panel manufacturing, plastics recycling, and glass bottle manufacturing. According to The Standard, the investors in this sector include Sintex Group, Lucky DJX, Fullcare Surgical Limited EPZ, and Devki Group, collectively investing hundreds of millions of dollars in facilities with strong export potential.
These manufacturing deals carry particular strategic significance because of their alignment with two major trade frameworks: the African Continental Free Trade Area (AfCFTA) and the African Growth and Opportunity Act (AGOA), which provides eligible African countries with duty-free access to the US market. Kenya’s ability to attract manufacturing investment that is explicitly linked to these export corridors reflects its positioning as a production and export hub — a role the government has been actively cultivating through special economic zones and other industrial policy measures.
Cabinet Secretary for Investments, Trade and Industry Lee Kinyanjui characterised the breadth of the deals as evidence of a maturing investment environment. “From manufacturing, to agribusiness and digital economy, the country is a cocktail of opportunities waiting to be explored. We have embraced adaptation and innovation as our clarion mantra,” he said, urging investors to view Kenya as a partner in designing solutions that meet both commercial goals and development priorities such as employment creation, energy security, and food security.
Mining: A $350 Million Rare Earth Play
One of the most eye-catching individual deals is the $350 million Buru REE project in Kericho County, led by Australia-based NGX Limited. The investment is expected to create around 1,500 jobs while unlocking new mineral value chains and boosting export earnings.
The Buru Hill prospect is a carbonatite-hosted rare earth element deposit that has undergone historical exploration but has never been commercially exploited. Rare earth elements are critical inputs for electric vehicles, wind turbines, defence systems, and consumer electronics — sectors experiencing surging global demand. If successfully developed, the Buru REE project would position Kenya as a meaningful player in a minerals supply chain currently dominated by China, adding a new dimension to the country’s export profile.
Real Estate: Gulf-Linked Capital Flows Into Nairobi and Mombasa
The real estate sector secured commitments worth $630 million, led by two major projects that reflect significant Gulf-linked investment into Kenya’s two largest cities. The Mombasa Creekside Gardens project, valued at $380 million, anchors Mombasa’s urban infrastructure development and is expected to generate approximately 1,590 jobs. In Nairobi, the Belle Vue Arch development has attracted a $250 million capital injection and is projected to create around 2,050 jobs.
These two developments highlight the growing appetite among international investors — particularly from the United Arab Emirates and other Gulf states — for Kenyan real estate, where strong urbanisation trends, a growing middle class, and improving infrastructure are driving housing and commercial property demand.
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Healthcare: $310 Million to Expand Specialised Care
With the country’s push towards universal health coverage, the healthcare sector attracted commitments worth $310 million through three key projects: Bounty Management Global in Nairobi ($60 million), RVL Healthcare Ltd in Nairobi ($50 million), and Balmer Healthcare in Uasin Gishu ($200 million).
The Balmer Healthcare investment is the standout in this sector, with $200 million earmarked for healthcare infrastructure in Uasin Gishu County — home to Eldoret, Kenya’s fifth-largest city. These projects are expected to expand access to specialised care, strengthen regional healthcare infrastructure, and reduce the need for Kenyans to seek expensive treatment abroad, a persistent issue that drains foreign exchange and places treatment out of reach for many patients.
ICT and Energy: Rounding Out the Portfolio
The ICT and business process outsourcing sector also featured prominently. Adec Innovation is establishing a Ksh 1.29 billion knowledge process outsourcing and ICT service centre in Machakos County, expected to generate approximately 2,000 jobs. Kenya has been steadily building its reputation as an outsourcing destination, leveraging its English-speaking, tech-savvy workforce and improving digital infrastructure.
In the energy sector, GLOBELEQ will invest Ksh 9 billion in the expansion of the Malindi solar power project in Kilifi County, including battery energy storage systems. This investment aligns with Kenya’s broader clean energy strategy — the country already generates nearly 90 percent of its electricity from renewable sources, primarily geothermal and hydropower.
The KIICO Framework: From Talk Shop to Deal Platform
The Fourth KIICO represents a significant evolution for Kenya’s investment conference model. The three-day event, held alongside the 2nd COMESA Investment Forum on March 26 and the Africa Green Industrialization Initiative (AGII) Forum on March 27, was designed to function as a deal-signing platform rather than a policy discussion forum. In January, Principal Secretary for Investment Promotion Abubakar Hassan Abubakar explicitly stated that the conference would not be a talk shop, but rather a platform for commitments, execution, and measurable impact.
InvestKenya CEO John Mwendwa had previewed the deal pipeline in January, indicating the conference would feature 10 to 20 new signed investment deals amounting to over $2 billion in FDI. The final tally of $2.9 billion across 20 deals exceeded those expectations.
The conference drew investors from key FDI source markets including the United States, United Kingdom, United Arab Emirates, China, India, and South Korea, reinforcing Kenya’s position as a diversified investment gateway into East and Central Africa. Supporting partners included ARISE Integrated Industrial Platforms, KCB Group, and the European Union Delegation to Kenya.
Reforms and Digital Facilitation
Beyond the headline investment figures, President Ruto used KIICO to announce a suite of policy measures aimed at strengthening Kenya’s investment climate. These include plans to zero-rate VAT in strategic sectors, streamline refund mechanisms for exporters, and introduce the Business Laws Amendments Bill 2026 to reduce red tape and enhance investor protections. He also highlighted progress on double taxation avoidance agreements and revealed plans for the development of 4,500 acres of special economic zones supported by improved connectivity and logistics.
A key element of the reform agenda is the digitisation of the One-Stop Investment Centre, which currently provides facilitation services to investors. By the end of 2026, the platform is expected to be fully digital, enabling permits and licences to be secured entirely online — a move intended to eliminate the bureaucratic friction that has historically deterred some foreign investors.
The investment announcements come against the backdrop of a broader strategic ambition. Kenya’s Strategic Plan 2023–2027, launched in May 2024, targets an increase in FDI from $500 million in 2022 to $10 billion by 2027 — an ambitious goal that the KIICO outcomes suggest is gaining traction, even if the final destination remains distant.
Mozambique’s President Chapo, addressing the conference, emphasised the importance of regional partnerships. “Mozambique is Kenya and Kenya is Mozambique. We have a historic relationship; we are brothers. That is why we want to develop our countries with the private sector, which is the key to development,” he said.
Outlook: Execution Is Everything
The scale of the KIICO 2026 announcements is impressive, but the critical test will be execution. Kenya’s investment landscape has historically been characterised by a gap between announced commitments and actual capital deployment, and investors will be watching closely to see how quickly these 20 deals move from signed agreements to operational projects generating jobs and export revenue. With a continuation vote on the government’s economic stewardship effectively scheduled for the 2027 general election, the pressure to convert these commitments into visible, on-the-ground results is considerable.
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