- He was speaking during the listing of Linzi Finco Trust Islamic secured residential lease security
- He explained. that investor confidence has been sustained by resilient financial markets and stable macro-economic indicators.
Image: PCS
President William Ruto has assured investors that Kenya is open and safe for business, pointing out that the country's investment legal framework provides adequate investor protection.
He was speaking during the listing of Linzi Finco Trust Islamic secured residential lease security (Linzi Sukuk) on the Nairobi Securities Exchange on Wednesday.
"I want to assure investors that I will go out of my way to make sure that Kenya is stable and safe for investors to unlock their potential in a peaceful environment," Ruto said.
Ruto noted that the government is pursuing ambitious reforms that will turn Kenya into a regional business hub, saying no one will be allowed to impede the progress of the country.
He explained that investor confidence has been sustained by resilient financial markets and stable macroeconomic indicators.
"To maintain this trend, the government is committed to entrenching a predictable business and economic environment through appropriate policy measures," he said.
He also fired a warning shot at individuals involved in corruption, saying the law will be amended so that corruption cases can be concluded within six months.
"We will deal with accountability issues with the seriousness they deserve," he added.
Ruto said the government will deal ruthlessly with those who misuse public funds, pointing out that these resources should always be used for the intended purpose.
He stated that the ongoing legal, policy and economic reforms are fundamental and are aimed at boosting the economy and developing competitive capital markets.
He pointed out that a robust, efficient and transparent capital market is vital for providing liquidity and raising necessary capital which, in turn, supports the overall economic plan.
"To fulfill our manifesto pledges, we have initiated key economic reforms, including in governance, under the Ownership Policy of Government-Owned Enterprises approved by Cabinet in November 2023," Ruto said.
He noted that the policy is set to enhance corporate governance and accountability, aligning the standards of State corporations closely with those of listed companies.
Ruto said significant reforms at Kenya Power and other State enterprises are underway, aimed at enhancing operational efficiency and governance.
"This will restore investor confidence and ensure that these entities can leverage private capital more effectively," he said.
"As we look forward to further integrating public agencies in the securities market through privatisation, we remain dedicated to our goals of job creation and economic development that are crucial in improving overall quality of the economic environment," he added.
He urged Kenyans to invest in the stock exchange, especially in bonds, shares and forex trading.
He pointed out that the government is introducing new, diversified and innovative financial instruments at the Nairobi Securities Exchange that will help unlock broader investment opportunities in line with the Bottom-Up Economic Transformation Agenda.
On the landmark issuance of the Shariah-compliant Linzi Sukuk, Ruto said it will not only promote financial inclusion but also broaden market access, aligning with the global move towards more stable and robust economic growth.