{"id":124140,"date":"2024-07-31T18:43:35","date_gmt":"2024-07-31T18:43:35","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis"},"modified":"2024-07-31T19:16:43","modified_gmt":"2024-07-31T19:16:43","slug":"naivasha-special-economic-zone-in-financial-crisis","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis","title":{"rendered":"Naivasha Special Economic Zone in financial crisis"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Operations at the Special Economic Zone (SEZ) in Mai Mahiu, Naivasha could be grounded in the coming days after the National Treasury slashed to zero its budgetary allocation.<\/p>\n

According to the Parliamentary Committee on Trade and Investment, the move to cut the development funds spells doom for the busy facility that has continued to attract local and international investors.<\/p>\n

The industrial park required over Sh10 billion to finish ongoing works but this was reviewed to Sh1.5 billion before it was wholly slashed after the President rejected the Finance Bill 2024-25.<\/p>\n

The move comes a couple of days after the government announced that 11 companies had received land on the park while another eight investors were on the waiting list.<\/p>\n

The committee’s chairman James Gakuya said the move to slash the development funds spelt doom for the multi-billion facility that has continued to attract investors.<\/p>\n

Speaking at the facility, Gakuya said that this would affect ongoing works adding that the committee will engage the President on the issue.<\/p>\n

\u201cWe shall engage the government in order to allocate more funds to help address basic infrastructure at the SEZ including water system, electricity and linking roads,\u201d he said.<\/p>\n

He added that the allocation to Economic Processing Zones (EPZ) for flagship projects had also been reduced from Sh1.8 billion to Sh1.2 billion affecting planned works.<\/p>\n

The Embakasi North MP said the EPZ and SEZ as very critical in job creation, wealth creation and economic growth.<\/p>\n

\u201cWe laud the move by the government to offer cheap electricity to the investors as this will increase the number of companies leading to more jobs,\u201d he said.<\/p>\n

An investor Mungai Kihuyu from Crystal Foods Company said that they were in the process of constructing a potato processing plant in the park.<\/p>\n

\u201cWe shall source our potatoes locally and this will address the elusive issue of a ready market which has adversely affected many farmers in the country,\u201d he said.<\/p>\n

According to Special Economic Zone Authority CEO Kenneth Chelule, the body has been reviewing bids from investors of Sh2 billion every day thanks to attractive incentives.<\/p>\n

He said that a group of investors from Malaysia, China and Europe had shown interest in the industrial park that was about to fill up.<\/p>\n

“The government has allocated an additional 5,000 acres that will help accommodate incoming investors that will invest in various sectors,” said Dr. Chelule.<\/p>\n

For More News And Analysis About Kenya Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Operations at the Special Economic Zone (SEZ) in Mai Mahiu, Naivasha could be grounded in the coming days after the National Treasury slashed to zero its budgetary allocation. According to the Parliamentary Committee on Trade and Investment, the move to cut the development funds spells doom for the busy facility that has […]<\/p>\n","protected":false},"author":84,"featured_media":124139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[9011,544,914],"class_list":["post-124140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-eritrea","tag-kenya","tag-tanzania"],"yoast_head":"\nNaivasha Special Economic Zone in financial crisis - kenya<\/title>\n<meta name=\"description\" content=\"Operations at the Special Economic Zone (SEZ) in Mai Mahiu, Naivasha could be grounded in the coming days after the Nati ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naivasha Special Economic Zone in financial crisis\" \/>\n<meta property=\"og:description\" content=\"Operations at the Special Economic Zone (SEZ) in Mai Mahiu, Naivasha could be grounded in the coming days after the Nati ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-31T18:43:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-31T19:16:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/07\/sm_1722437079.981762.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"669\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Naivasha Special Economic Zone in financial crisis\",\"datePublished\":\"2024-07-31T18:43:35+00:00\",\"dateModified\":\"2024-07-31T19:16:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis\"},\"wordCount\":413,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/07\/sm_1722437079.981762.jpg\",\"keywords\":[\"Eritrea\",\"Kenya\",\"Tanzania\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/naivasha-special-economic-zone-in-financial-crisis\",\"name\":\"Naivasha Special Economic Zone in financial crisis - 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