Homa Bay Investment Conference yields deals worth Sh32b

Homa Bay Governor Cyprian Awiti tries a water pump at the Omboga borehole project in Karachuonyo Constituency on Monday. [PHOTO: DENISH OCHIENG/ STANDARD]

Homa Bay, Kenya: Investors have signed with the county government deals worth Sh32.6 billion, the county administration has said.

A Sh20 billion cement factory, energy production, leather manufacturing plant, an Agro-food park, an automated revenue collection programme and modern hostels are some of the investments lined up.

Trade Industrialisation, Investments and Cooperatives Executive Tom Ogada said they were pursuing more investments worth another Sh3.6 billion.

He said these were the results of the recent investment conference that attracted more than 200 entrepreneurs.

"In total, investments worth Sh32.6 billion have been signed and others worth Sh3.6 billion are still being processed," said Prof Ogada.

The county government has also sealed deals with various firms for a garment factory, biomass energy production and solar power plants.

The cement factory to be constructed by a Kenyan firm, the Rift Valley Resource and Exploration Ltd, and other strategic partners will be the largest industrial investment in the county.

The Rift Valley Resource and Exploration Ltd top executives have signed a Memorandum of Understanding with the county government for the proposed factory.

Energy and Natural Resources Executive Pharez Ratego said the factory, which will be established in Karachuonyo, would put Homa Bay on an industrialisation path, besides creating employment.

He said there were large deposits of raw materials in the region, suitable for manufacture of high quality cement.

"We are very excited about the project. This is a direct achievement from the just-concluded Homa Bay International Investment Conference we held last month," said Mr Ratego.

The two-day investment conference attracted many investors, many of whom expressed interest in various investment portfolios in agriculture, tourism, education, energy and natural resources, information technology and fisheries. Homa Bay has also signed an MOU with six Indian firms that will put up medium-scale industries in the lakeside town.

Prof Ogada said Tatar Foods Ltd has signed an MOU to put up an agro-food park in the county to process fruits and vegetables.

Other Indian firms keen on investing in Homa Bay include Kamtech Associates PVT Ltd that will build a leather industrial park and MTR Exports Ltd that will put up used tyre and used oil processing factory.

The same company wants to invest in the animal feeds factory, currently being put up by the county government.

Prof Ogada said another Indian conglomerate, Federation of Rajastahan Trade and Industries, has signed an MOU to build a multi-million-shilling spinning and garments factory that will use cotton, which is currently being promoted across the county.

A local Teachers Sacco - SONYACO- also expressed interest in the construction of a 350-student capacity hostel for the Tom Mboya University College.

Business Insights Ltd, another local firm, also signed an MoU to build a 200-student capacity hostel for the same college.

Prof Ogada, who chaired the investment steering committee, said  16 MoUs had been signed and 10 were still being negotiated/and or processed. "It is a breakthrough. The deals are proof that the investment conference was a success," said Prof Ogada.