Home Business KSHs 207 billion Industrial Park to be constructed in Eldoret

KSHs 207 billion Industrial Park to be constructed in Eldoret

3 min read
0
0
18489698_1854973821493339_8614279811461462312_o
Share This

A record KSHs 207 billion Industrial Park is set to be constructed in Eldoret with the ground-breaking ceremony scheduled for Friday July 7, 2017.

President Uhuru Kenyatta along with a host of business leaders is expected to officiate the ground breaking of the project titled Africa Economic Zones.

The project is being put up through a multi-billion partnership agreement between Chinese firm Guangdong New South Group Ltd and Kenya’s Africa Economic Zones Ltd.

The agreement is to develop and operate a high-end Special Economic Zone, with world-class infrastructure in Eldoret.

Eldoret town provides a suitable location with the advantage of easy access to raw agricultural materials as well as land for development.

Many countries are increasingly incorporating the Special Economic zones in a bid to spur development through industrialization. It is also a means of attracting Foreign Direct Investments (FDIs) mostly in the manufacturing sector, job creation, and export growth.

The project is expected to have a big economic impact on both the local and national economy. It is expected to create over 40,000 direct jobs and another 150,000 indirect jobs. It is also expected to significantly improve infrastructure and spur the resurgence of various economic activities around Eldoret, positioning it as an industrial and manufacturing hub.

The Economic Zone is designed and planned in such a way that it will be able to support a growing community in terms of institutional framework, physical infrastructure and administrative services to ensure a complete smooth operation for the support of various economic activities within the Industrial park.

Initial preparations are underway including the clearing up of the over 1,770 acres of land the facility will sit on. 1000 acres will house ‘Olympia City’, a residential, recreational and commercial development targeting shopping malls and real estate. 7000 acres are set for an industrial park with plans to house manufacturers. A science and technology park will sit on the remaining 70-acre piece of land.

Once fully operational, production output is expected to reach KSHs 300 billion annually and grow exponentially.

The project is the brainchild of businessman David Langat (DL).

Share This
Load More Related Articles
Load More By Reporter
Load More In Business

Check Also

Senior citizens in West Pokot ask government to lower age limit for the “Inua Jamii” Program

Share this on WhatsAppSenior citizens in West Pokot County have called on the government t…