Raila eyes local investors for development

October 29, 2008

, NAIROBI, October 29 – Prime Minister Raila Odinga says Kenya should not rely on donor funding to finance its development work.

Speaking while closing the two day Infrastructural Bond Conference, Raila said donor monies are usually tied to stringent financial conditions that the country can\’t meet.

“Borrowed money is too expensive for our young economy because such funding is usually tied to very tight conditionalities which lock out our local contractors from any related transaction,” Mr Odinga explained.

He said Kenya should employ home-grown financial solutions to boost the ability of public coffers to fund development projects.

He told the Conference that the Grand Coalition Government was determined to involve the private sector in financing of public projects to fast track development.

Mr Odinga criticised previous governments of failing to expand the infrastructural system in the country. He said the new government would address the matter.

“I promise you that the current government will ensure that we build the railway network which the past regimes failed to grow an inch from where our colonial masters left the line,” he said.

He noted that the establishment of a sound infrastructural network lays the foundation for sustainable economic growth which was crucial in achieving the Millennium Development Goals.

Mr Odinga made the remarks during a close session of the conference which attracted participants from the private and public sector with a view to map out ways of introducing bond marketing in the infrastructural sector.

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