Kenya sees 20 firms investing Sh8b after US trade pact extended

Kenya expects 20 companies to start investing about Sh8 billion ($80 million) immediately in the African nation’s textiles industry after the renewal of a deal offering access to the US market, its industrialisation minister said.

President Barack Obama signed the Africa Growth and Opportunity Act (Agoa) this week, renewing a deal allowing Sub-Saharan African countries to export thousands of products to the United States, without tariffs or quotas, for a further 10 years.