Kenya Council of Ministers plans to spend 1,600,000,000 dollars over the next five years to build iron and steel factories with a group of business people.
This initiative is said to support the country's economic transformation and reduce its dependence on imports.
Supported by the data that Kenya spent 1 million 800 thousand dollars on iron and steel imports in 2022, this plan stands out as part of Kenya's efforts to increase local production. It also reflects the government's aim to improve the lives of lower-income citizens.
This strategy, announced within the framework of the Fourth Medium Term (MTP IV) plan, aims to both support local production and improve the lives of low-income individuals. The project, which will start in July 2024, will contribute to the Numerical Machining Complex (NMC) under the Ministry of Industry and Trade.
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