Businessman plans Sh207bn industrial park in Eldoret
Kenya’s first privately owned special economic zone is set to break ground in a week’s time.
The $2 billion (Sh207 billion) project is the brainchild of businessman David Langat through the Africa Economic Zones Limited (AEZ), a joint venture with China based Guangdong New South Group.
The multibillion shillings project aims at facilitating investment in the manufacturing sector by giving businesses an ideal location to set up their enterprises.
Already some 40 companies, mostly from China have expressed interest in setting up at the facility which sits on 1,770 acres of land in Eldoret.
AEZ Project Director Richard Kirui said the project will be divided into three phases to be rolled out over a 10 year window.
Phase one of the project will entail the creation of a 7000 acre industrial park with plans to house between 150 and 400 local and international manufactures.
Mr Kirui said phase two of the project will target creation of a science and technology park that will it on a 70 acre piece of land.
“With this project We expect to hit up to 40,000 direct jobs and 150,000 indirect jobs,” Mr Kirui said.
A thousand acres will be left for the development of Olympia City, a residential, recreational and commercial development targeting shopping malls and real estate.
President Uhuru Kenyatta is expected to officiate the ground breaking on July 7 along with a host of business leaders.
AEZ will act as the facilities manager for the project, putting in significant capital in laying the infrastructure that includes roads, water, sewerage and electricity as well as maintaining the facilities.
Under the special economic zone, businesses are exempt from a number of taxes in the initial years, a factor the government hopes will spur investors to set up shop locally.