The East African country of Kenya recently unveiled its blueprint for becoming an economy designated as developed.
- Kenya unveiled a 30-year development plan aiming to become a developed economy by 2060.
- The roadmap focuses on increasing farm productivity, expanding export-oriented manufacturing, and boosting technology and innovation.
- Key features include universal access to higher education, strong political stability, rule of law, and sustainable public finances.
- Infrastructure projects will be funded by a new National Infrastructure Fund, currently valued at $2.7 billion, and further supported by a future Sovereign Wealth Fund.
This plan comes a few months after the president of Kenya, William Ruto, distanced the state of his country from that of a low-income economy.
Kenya’s plan to become an advanced economy, as instituted by the current government, will take 30 years, as increased farm productivity, expanded export-oriented manufacturing, and deeper technology and innovation will constitute a significant part of the strategy.
The new roadmap, which spans the years 2030 to 2060, envisions Kenya as a politically stable country with a competent civil service, robust rule of law, good macroeconomic management, and sustainable public finances.
The framework, introduced in Nairobi by a team of politicians led by Anyang’ Nyong’o, will succeed the country’s two-decade Vision 2030 development strategy.
The new plan, which replaces the one initiated by the government, proposes national development legislation and an independent implementation secretariat in an effort to guarantee long-term policy stability.
DON’T MISS THIS: Kenya’s president applauds himself for doubling foreign interest in his country’s economy
The intention is to protect significant development initiatives against post-election political shifts.
Speaking at the event, President William Ruto said that prior national plans had frequently been derailed when succeeding administrations shelved initiatives started by their predecessors.
“Development cannot be a project of one administration, nor should every election require us to abandon one national vision and begin another,” he said.
As part of the new long-term strategy, Kenya intends to provide universal access to higher education beginning in September by completely financing university and college students.
The administration claims that the measure would assist to create a more trained workforce capable of supporting future industrial growth, as seen on Bloomberg.
Infrastructure development will also play an important role, with investments planned for roads, railroads, and ports. These projects will be funded by a newly constituted National Infrastructure Fund, which currently has around $2.7 billion from the sale of public assets.
The government also announced plans to create a Sovereign Wealth Fund to protect and invest national assets, intending to provide long-term benefits to future generations.
