Ruto seeks Kenya Airways sale to strategic investor in US trip
Staff, 2022-12-15 00:46:56,
Kenya’s President William Ruto will this week make a pitch to sell a controlling stake in the country’s national carrier Kenya Airways to US investors as a path of returning the struggling airline to profitability.
On Wednesday, Kenya’s Transport Cabinet Secretary Kipchumba Murkomen said the search for strategic partners for Kenya Airways tops the list of President Ruto’s mission to America.
US President Joe Biden is hosting the US-Africa summit this week and will discuss the 2023 elections and democracy in the continent with about 50 African heads of state.
Over 300 American and African companies will meet with heads of different delegations to talk about investments in critical sectors, the White House said on Tuesday.
Strategic investor
Kenya will prefer a cash-rich foreign airline as a strategic investor in a plan that could offer the national carrier aviation expertise and cut its reliance on the National Treasury for operational cash.
“We are doing everything possible to ensure that we no longer subsidise the airline and that is why we are looking for a strategic partner,” said Mr Murkomen.
“Even on the President’s trip to the US, one of the topics for discussion is how to get a strategic partner for Kenya Airways,” the CS added.
The United States said it will commit $55 billion to Africa over the next three years, with the White House adding that its plan to invest in the African continent compares favourably to…
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