Kenya said it would sell almost $1.6 billion in state assets in order to plug a widening infrastructure investment gap.
Nairobi will offload its stake in telecom giant Safaricom, marking Kenya’s biggest-ever sale of government property as it looks to fund an infrastructure program due to be unveiled this week.
The divisive sale comes as several African nations face a funding crisis instigated by Western nations’ sudden aid reductions this year: Kenya received almost 2.5% of its national income from foreign assistance before the cuts.
A recent analysis by consulting firm McKinsey showed that of the $106 trillion forecast to be spent on infrastructure globally by 2040, less than 5% will be invested in Africa.