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PROMOTING INVESTMENT IN KENYA

KENYA INVESTMENT AUTHORITY

Our Vision
To be a world class agency in marketing Kenya as the first
choice investment destination

Our Mission
To provide exceptional services to attract, facilitate and retain
investments in Kenya

Our Core Values:
Investor first:
We put investors first and strive to continuously meet and exceed their demands.

Staff are our key asset:
We endeavor to have highly trained, committed and motivated employees.

Professionalism and integrity:
We subscribe to the highest level of professionalism and integrity in a transparent and
accountable manner.
Teamwork and participatory management:
We cherish teamwork with openness and trust.

Linkages and Networking:
We seek to involve all stakeholders towards fulfillment of our mission.

ANNUAL REPORT 2006/2007 1

Notices of the 2006/2007 Board Meetings 2

Statement by Former Minister of Ministry of Trade Industry 3

Board of directors 6-7

Chairman’s statement 8

Pictorial 9

Managing Director’s statement 12 - 13

Corporate governance (Governance by the Board) 14 - 15

• Investment Committee

• Human Resource and Administration Committee

• Finance Committee

• Audit Committee Contents
Attendance Schedule of Board Members 16

Corporate information 17 - 18

Composition of KenInvest 19-21

• Corporate Affairs

• Investment Promotion

• Research and Policy

• Investor Services

Statement of directors’ responsibilities 23

Independent auditors’ report 24 - 26

Annextures 27 – 35

2 KENYA INVESTMENT AUTHORITY

Notices of the 2006/2007 Board Meetings

Date Month Year Location

Board Room on 8th Floor at National Bank Building,
3 January 2006
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
18 May 2006
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
16 June 2006
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
20 July 2006
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
26 August 2006
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
25 January 2007
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
5 March 2007
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
31 May 2007
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
26 July 2007
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
23 August 2007
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
24 August 2007
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
25 October 2007
Harambee Avenue

Board Room on 8th Floor at National Bank Building,
12 November 2007
Harambee Avenue

It will be a place where an investor deals with one single entity to obtain all the necessary documentation in one streamlined and coordinated process. Cap 485 of 1986 was passed. ANNUAL REPORT 2006/2007 3 Statement by former Minister of Ministry of Trade & Industry Kenya has had a long history of economic leadership in East Africa as one of the largest and most advanced economies in the region. Finance. investment facilitation and policy advocacy. Kenya launched an ambitious licensing reform program. The program has eliminated 110 business licenses and simplified eight others. trials and success of the Authority. This was one of the priorities envisioned in the Economic Recovery Strategy for Wealth and Employment Creation (ERS) (2003-2007). The changes have streamlined business start-up and cut the time and cost of getting building permits and licenses. The Government targets to eliminate or simplify more than 900 more of the country’s 1. This effort has provided confidence to potential investors in Kenya. The Vision 2030 was developed by the government to take over after ERS scheduled to end in 2007 and spur rapid and sustainable growth and development up to the year 2030. The Authority will now transit from its generalized approach to promotion and adopt a more tailor- made approach. Wholesale and retail. Kenya was recently recognized by the World Bank as one of the top five countries that have implemented business reforms that support more private investment throughout Africa. They are Manufacturing. Tourism. This report will highlight the process. This transformed Investment Promotion Centre (IPC) to Kenya Investment Authority (KIA) with an expanded mandate in executing its role of investment promotion. In this regard the Authority is under going a restructuring exercise for better service delivery to the investors.300 licenses. Mukhisa Kituyi Former Minister of Trade and Industry 30th June 2008 . and in line with best practices around the world. Hon. the Investment Promotion Act 2004. The One Stop Shop will enable the institution to execute its mandate more effectively and efficiently. Enhancing Kenya’s competitiveness in attracting investments and ease the investment process. Agriculture and Agro processing. Six priority sectors for promotion were identified. Business process outsourcing. The Authority is in the process of setting up a One Stop Shop.

4 KENYA INVESTMENT AUTHORITY .

ANNUAL REPORT 2006/2007 5 Investment opportunities Nairobi is the first choice destination when looking for investment opportunities in East Nairobi City Africa .

E. Henry M.B. Michael Ndeda Ag C. Matanda Wabuyele Mr. Bwisa Wanjuhi Ndirangu Chairman. John O. Akara Mr. Betty Khasakala Mwenesi Member (Private Sector) Member (Private Sector) .O Export Processing Member (Private Sector) Zones Authority (EPZA Amb. Board of Directors Mr.6 KENYA INVESTMENT AUTHORITY Board of Directors Prof. Green Josiah Mrs. Allan Ngugi Chief Executive Export Promotion Member Council (EPC) Mr.

Mwambia Wanyambura Mr. Khaoya Mundia Alternate Member/PS. Ministry of Agriculture Ms.E. Onesiphorus P. Ministry of Lands Mr. Ministry of Alternate Member/ Trade and Industry PS. Ministry of Finance PS. ANNUAL REPORT 2006/2007 7 Lenny Kivuti Mr. Wellington A. E. Mahinda Mr. Albert Gumo C.Ngʼangʼa Alternate Member/ PS. Office of the President *Directorʼs photo not available . Ephantus Murage Mrs. Lubira Alternate Member/ Alternate Member/ PS. Ministry of Planning and National Development Mr. Susan Kikwai Mr. William K. Secretary to Zones Authority (EPZA) the Cabinet & Head of Public Service.M.O Export Processing Alternate Member/ PS.A. K. Stephen Wainaina Managing Director and Secretary to the Board Alternate Member/ PS. Ministry of Local Government Mr.

not only through the board meetings but also through the various board committees. These included strategic plan.8 KENYA INVESTMENT AUTHORITY Chairman’s Statement Introduction It gives me great pleasure to present to you the 2006/2007 Annual Report. Future Outlook A key part in our growth strategy is through expansion of our services to other regions in the country.Mombasa in addition to the Eldoret office. Professor Henry Bwisa . KenInvest strives on being a world class (IPA) in attracting and facilitating investments and providing input towards improving the country’s economic performance. Agriculture. I would like to extend my sincere thanks to my colleagues on the board for their excellent performance and unwavering support and to the entire staff of KenInvest for a job well done in the year 2006/2007. Corporate Governance The Board continued to ensure that proper standards of corporate governance were maintained and continued to have oversight over the management of the company. Transport and Telecommunications were the main growth sectors in the economy. human resources and investment promotion activities. KenInvest’s has now operational regional offices in Kisumu. the Board met regularly and deliberated on a broad range of issues. Investment Environment In the last financial year the recorded economic growth of 7% was boosted due to past and current investments in all sectors Manufacturing. In this regard. The organization received certification with no queries. Finally. logo. Financial Results KenInvest received a clean bill of health in this year’s audit report by KENAO. Tourism.

ARUSHA INTERNATIONAL CONFERENCE CENTRE ARUSHA.15TH MARCH 2006 11th UNCTAD OIL & GAS CONFERENCE (23RD. 24TH & 25TH MAY 2007) . TANZANIA 13TH . ANNUAL REPORT 2006/2007 9 Pictorial REGIONAL MEETING ON INVESTMENT PROMOTION.

. Tourism is one of the lucrative investment Tourism opportunities available in Kenya.10 KENYA INVESTMENT AUTHORITY Investment opportunities The Masai Mara’s annual Wild Beasts migration was voted one of the wonders of the world.

ANNUAL REPORT 2006/2007 11 .

316. KenInvest identified with the first and fouth pillars of ERS and developed the following objectives:- . a total of 2.e. 2003-2007.2% of GDP. The strategy identifies key policy actions necessary to spur the recovery of the economy and is based on four pillars. investment approvals.335 will be from the formal sector and the balance of 88 per centfrom small business enterprises. The second pillar is strengthening of institutions of governance. The final pillar is investment in the human capital of the poor. this report will cover investment enquiries.8 per cent • Containing the average annual inflation rate to below 5% • Containing the current account deficit in the balance of pay¬ments to an average of 6.636. • Growth of the Economy at 7% • Increasing official foreign reserves from US$1. In 2006/2007. It underscores the centrality of the rule of law as opposed to the rule of man in the creation of good governance. and investment policy.7 billion or 3.12 KENYA INVESTMENT AUTHORITY Managing Director’s Statement This is the third year of the implementation of the Economic Recovery Strategy (ERS) for Wealth and Employment Creation.000 jobs per year.1 billion or 2. It provides an insight to the KenInvest’s main activities and performances including corporate governance. investment promotion. This report falls within this period (3rd year of ERS) covering the year 1st July 2006 to 30th June 2007.5 months of import cover in 2007. The macro economic objectives are: • Creation of 500. • Increasing domestic savings so as to enable higher levels of investments for sustainable development.eco¬nomic stability. Over the period 2003-2007.130 jobs are expected to be created out of which 12 per cent i.8 months of import cover in 2002 to US$ 1. • Reducing poverty level by at least 5 percentage points from the current 56. Rehabilitation and expansion of physical infrastructure is the third pillar. First the government recognizes that rapid economic growth will be required over the next four years but in an environment of macro. We worked within the frame work of the ERS and as our main document of reference and as a result.

To carry out Research Policy advocacy and Planning activities. investment promotion. To attract. ANNUAL REPORT 2006/2007 13 1. The climax was the audit insights in KenInvest’s certification with no queries from Kenya National Audit Office (KENAO) and the conception of the Ones Stop Shop. Strengthen and review internal control systems that ensure effective utilization of resources and promote good corporate governance annually. Undertake activities that build. main activities and performances It is our belief that we have a well planned and prepared strategy to handle the next year. manage and project an excellent image and corporate identity. investment approvals. This year marks the beginning including corporate of KenInvest and the end of Investment Promotion Centre. 2. Develop an investor targeting strategy for promoting Kenya as a first choice investment destination. frame work of the ERS and as our main document of reference Ms. facilitate and enhance retention of appropriate investments in Kenya. 4. this report will cover investment enquiries. Despite the challenge of managing an organisation in transition from Investment Promotion Centre (IPC) to Kenya Investment The report offers Authority. We governance. We hope that you will find this report interesting to read. Provide aftercare services to existing investment in the country. 6. 3. . we managed to keep our heads above water and did very well for the year 2006/2007. 5. and investment policy. worked within the Karibu. Susan Kikwai and as a result.

The holder of an Investment Certificate is entitled to the following entry permits under the immigration Act:- Three class A entry permits for management or technical staff. be legally entitled. shareholders or partners. In its governance. The Investment Promotion Act. This Act automatically covers licensing in the categories listed in Annexure 2 of this report. All decisions are passed by a majority of present members voting with the Chairperson having the decisive vote in the event of a tie. The Act in Part IV section 14 replaces the Investment Promotion Centre but maintained the function of promoting and facilitating investment in Kenya. 2004 No. Any conditions set out after issuance of investment certificate must be fulfilled within twelve months and upon payment of applicable fee. Board Members are required to enter into a Performance Contract every financial year with the government to evaluate its Performance against set targets. All full board meetings are convened by the Secretary to the Board upon instructions from the Chairman or upon the requisition of at least five members of the Board. consisting of:- 1 Investments Committee 2 Finance Committee 3 Audit Committee 4 Human Resource and Administration Committee The Full Board however is required to meet at least four times in every financial year and not more than four months shall elapse between one meeting and the next meeting to discuss the overall performance of KenInvest. It also sets out the requirements/conditions necessary to any proposed investment and to which the holder of the Investment Certificate would. These include dependant’s pass and re-entry permits. The Act in section 16(i) gives the Board of Directors the overall responsibility of the Authority with the Chairman being a Presidential appointee for a period of three years. the Board has established four Committees as per section 4(1). if any. I or J entry permits for owners. Below is the attendance matrix for the Board meetings of this financial year. 87. Section 31 repeals the Investment Promotion Centre Act.14 KENYA INVESTMENT AUTHORITY Corporate Governance Kenya Investment Authority (KenInvest) was established by an Act of Parliament. It became operational on 3rd October 2005 after legal notice in the Kenya gazette Supplement No. Other members are representatives of the Government in their various capacities and the Managing Director who is the Secretary to the Board. on applications. of the Third Schedule of the Act. 6 of 2004. and Three classes H. .

and staff motivation. This includes the policy establishment of activities. Finance Committee This Act This Committee has the overall mandate to ensure that the automatically budget is justified and adhered to. ANNUAL REPORT 2006/2007 15 Investments Committee This Committee has the overall mandate to ensure that all investment issues and the core function of KenInvest are maintained at all times. The Committees important task is to ensure the relevance of the strategic plan and sustained achievements of the set goals. . Human Resource and Administration Committee This Committee has the most difficult task of ensuring that KenInvest maintains and attracts high caliber of human resources. The new organizational structure and recruitment of the new five General Mangers is a step by the Committee to achieving international standards for KenInvest. The Committee has worked tirelessly for the past two years to ensure that the organization employee and retain only high standard and professional staff. It Audit Committee also sets out the The Audit Committee has the duty to ensure that audit queries requirements/ and issues are resolved and communicated to KENAO within the stipulated period. on applications. and that all expenditures are accounted for. for example the One Stop Shop to facilitate smooth entry to investors and after-care services. listed in Annexure 2 of this report. organizations practices. attitudes. They also have the mandate that all quarterly covers licensing reports are presented in a timely fashion to the Board prior to in the categories the same being submitted to the Parent Ministry. be legally entitled. The resent achievement of this Committee conditions was the clean bill of health given to KenInvest by KENAO after a necessary to past history of bad performances. any proposed investment and to which the holder of the Investment Certificate would. All financial policies are discussed in this Committee. The Committee handles all rationale of recruitment.

Matanda Wabuyele √ √ √ √ √ Mr.Biginga Mr.M. A. Ngʼangʼa √ √ √ √ √ √ √ Mr. Michael Ndeda √ √ √ √ √ √ Mr. Khasakhala-Mwenesi √ √ √ Mr.Onesiphorus P.Peter Bwombuna Mr. Matanda Wabuyele √ √ √ √ Mr. Bwisa √ √ √ √ √ √ √ √ Amb. Michael Ndeda √ √ √ √ √ Mr. Stephen Wainaina √ √ √ Mr. Lenny Kivuti √ √ Mr. M.Ann Mburu √ √ Mr. Allan Ngugi √ √ √ √ √ Mrs Betty A.J. Stephen Wainaina √ √ √ √ Mr. Indimuli √ √ √ Ms. Khaoya √ √ √ Mr. H.Mathenge √ √ √ √ Ms.Mwambia Wanyambura √ √ √ √ Mr.Mwangi Mr.Theodora K.Wellington Lubira √ √ √ √ Mr. S. M. H.Gumo √ Mr.K. Khasakhala-Mwenesi √ √ √ √ √ √ √ √ √ Mr.F √ √ Ms. Bwisa √ √ √ 2006-2007 Amb. Murage √ √ Board Members 2007 Dates 25/1/07 05/03/07 31/5/07 26/7/07 08/07/07 23/08/07 24/8/07 09/04/07 25/10/07 12/11/07 Prof.J.Mwambia Wanyambura √ √ Mr.G. Green Josiah √ √ √ √ √ √ √ √ √ Mr.Julius O.B. K. E.A.Onesiphorus P. Allan Ngugi √ √ Mrs Betty A. Khaoya √ √ √ √ √ √ Mr.Akara √ √ Mrs.Juliana Yiapan √ Mr.Wellington Lubira √ √ √ Mr. William Karari Mr. Ngʼangʼa √ √ √ √ √ Mr. E. Florence Wahome √ .K. M. Albert Gumo Mrs.A.O. Green Josiah √ √ √ √ √ Mr. Kiburia O. William Karari Mr.M. K. Gichana Ms.Wanjohi Ndirangu √ √ √ Mr. E.O.M.16 KENYA INVESTMENT AUTHORITY Attendance Schedule of Board Board Members 2006 Members Dates 03/01/06 18/05/06 16/06/06 20/7/06 26/10/06 09/04/07 25/10/07 Prof.

General Electric. something KenInvest is addressing with the inception of the new Act. Osho Grain Millers Ltd. KenInvest in reinventing itself. with a potential capital outlay of KShs.8 7. 92 billion. These projects translated to direct employment of ten thousand two hundred and sixty five (10.4 2007 57 10 67 10. Gold Lida Ltd. KenInvest has facilitated close to 10 major market entrants including Africa Clean Energy Windflow Ltd.18 17. showing the trend of investment from 2002 to date 2007. started by identifying with an acronym that has a punch. KenInvest processed and facilitated 90 projects.4 9 89. KenInvest contributes to improving Kenya’s investment climate by analyzing and reviewing existing investment related policies. assisting in obtaining licenses and work permits among other functions. to name a few in this financial year. CAPITAL CAPITAL TOTAL OF PROJECTS COST COST CAPITAL FOREIGN LOCAL COST (Kshs) Domestic International (KShs Billion) (KShs Billion) 2006 70 26 96 80. facilitate and retain investments in Kenya” As set out in the Performance Contract for the year 2006/2007. KenInvest seeks to identify itself as a world-class investment promotion agency in the following ways:- VISION “To be a world class agency in marketing Kenya as the first choice investment destination” MISSION “To provide exceptional services to attract. Still on investment inflows.265) Kenyans In addition. ANNUAL REPORT 2006/2007 17 Corporate Information Kenya Investment Authority was established by an Act of Parliament. Kenpor Ltd. and advocating for continuous improvement of the same. Table 1 tries to provide an overview analysis of investments (both domestic and International) processed by KenInvest with an insight to cash inflow. Broadband Telecom (K). Intex Construction Ltd. Ltd Five Star Industries Ltd. which surpassed our target. below is Chart 1. In addition. and Old Mutual Life Assurance Co. OF PROJECTS TOTAL NO. .98 Source: Investors Services Department The above table depicts a decrease in numbers of inflow of investments. It is charged with the responsibility of promoting and facilitating inward investment in Kenya by issuing Investment Certificates. TABLE 1: Investment Inflows Processed by KenInvest YEAR NO.

Sept.Pakistan=6%. KenInvest has been in the past challenged for lack thereof in this area. Manufacturing. showing the countries and number of projects undertaken sector by sector between 2006 and 2007. telecommunication contributed more in the services sector. As a result.China=15%. Italy=8%. 57 UK=20%. It is common Knowledge that information Communication technology (ICT) plays an important role in investor’s confidence. (2007) India=10%. Agriculture Others=28% Jan.Canada=12%. Tourism Others=29% Source: Investors Services Department Tourism took the cake in this financial year as it also contributed to the raise in Gross Domestic Product (GDP) within this financial year. Services are a common sector that contributes to growth and improved GDP especially in the telecommunication and finance sectors. KenInvest will in the next financial year develop an ICT policy to encourage more usage of ICT in the organization.SA=8%. Service. However. The head office is in the process of upgrading the current wireless leased line from 128 kbps to 256 kbps to accommodate the growing demand for more internet bandwidth. tourism.India=13%. Service. KenInvest in this financial year has successfully networked the entire office to enhance efficient communication and workflow. As a result. in relation to International investments. Below is Table 2.18 KENYA INVESTMENT AUTHORITY Chart 1: Investment Capital 2002-2007 90 80 70 60 50 40 30 20 10 0 2002 2003 2004 2005 2006 2007 (Jan-June) Source: Investors Services Department KenInvest as a member of World Association of Investment Promotion Agencies (WAIPA) does business with other countries. The network is expected to grow therefore it is scalable to accommodate more. A new faster and efficient internet connectivity solution using Asynchronous Digital Service Line (ADSL) technology has been deployed to replace the dial-up solution in place before. . Germany=10%. Manufacturing. TABLE 2: Major country origins and main sectors Year Number of Major Source Countries Main Sectors International projects 2006 70 UK=22%.China=12%.USA=7%.

Corporate Affairs 2. KenInvest used these missions as selling points for the country. there was a marked improvement in enquiries vide email and telephones. South Africa and the UK. The Chinese Embassy has over the last two years . An average of 100 enquiries were received monthly. Investment Promotion (Marketing) In 2006-2007. Germany. General Managers have been interviewed. As a result. Meanwhile. France and the UN and in particular UNDP which provided promotional/ financial support. KenInvest staff forged a working relationship with the foreign missions accredited to Kenya principally that of South Africa. KenInvest launched massive campaigns to attract investors into the country. but have not come on board due to shortage of funds. Materials sent to each embassy included the Kenya and EAC Investment Guides. Germany. In return. An average of two incoming missions per month to Kenya from Europe. China. Investment Promotions 3. the Authority is undergoing a restructuring programme which is expected to be complete by the end of this financial year as the internal recruitment has been completed KenInvest now has a Managing Director since September 2006. This year. A number of African countries particularly South Africa and the East African Communities partner states. Currently. This department facilitates membership to institutions with similar objectives such as the World Association of Investment Promotion Agencies WAIPA and other Investment Promotion Agencies. we continue to use volunteers and temporary staff to augment the few technical staff. came to Kenya. Notable correspondences came in from Egypt. Research and Policy 4. Investor Services Corporate Affairs This department essentially handles the functions of a Finance and Administration and mostly the outlook of the organization and also ensures that KenInvest operates within the legal framewor of Kenya. KenInvest made use of the Kenyan Embassies and Consulates abroad as key avenues for investment promotion. Asia and the Middle East. ANNUAL REPORT 2006/2007 19 Composition of Kenya Investment Authority The organization is comprised four departments namely:- 1.

2006 through Kenya Gazette Supplement No. AREA AGREEMENT (CCIA). and Africa (COMESA) and has been chairing the National Technical Working potential employment of 13. The department through the office of the Attorney General drafted the Investment Regulations which were enacted under the ‘Investment Promotion (Investment Registration and Certificates) Regulations.972 people. 20 KENYA INVESTMENT AUTHORITY also offered training familiarisation tours for over half of the senior staff of the Authority.175 Group for the implementation of COMESA COMMON INVESTMENT people. These enterprise solutions accelerate and sustain access by the poor to needed goods and services.175 2. KenInvest has also participated in preparation of the Investment Promotion and Protection Agreements (IPPA). France (DTA/IPPA) (Jan. Legal Notice No. and Avoidance of Double Taxation Agreements (DTA)together with other relevant ministries including the following:- 1. 2005’ on 13th January.2006) – signed & awaiting ratification 5. In this year. potential employment of 11. KenInvest was among the leading facilitator institutions in the preparation of the first ever mining conference and the report in this area.9 billion. South Africa (DTA) (October 2007) – 2nd round negotiations 2005/2006. and with facilitate smooth market entry in Kenya is done under one roof. Switzerland (IPPA) (Mar. payments and requirements to of KShs.1. When it comes to ‘Mineral’s Potential towards Wealth Creation and Employment’. Finland (DTA/IPPA) (Mar. Research and Policy The department played a big role in drafting the Investment Act 2004 that enabled the operationalisation of KenInvest which has greatly improved the investment climate in Kenya as evidenced by the number of enquiries and project proposals to KenInvest. Thailand (DTA) (Dec. 2006) – signed & awaiting ratification 13. KenInvest worked with the UNCTAD to organize and prepare the Investment Policy Review (IPR) for Kenya that resulted in its publication. KenInvest licensed 99 (ninety nine) projects with an The institution is in the process of establishing a One-Stop. the organization has participated in ground breaking research and publications. this year the department has were processed with an estimated been representing the organization in the Common Markets of East capital of KShs.1 of 2005. and/or employment and livelihoods opportunities.9 billion. 16. Not only did the organization represent . 111 projects When it comes to Regional integration. 2006) . where all permits/ licences.Shop estimated planned investment (OSS). India (DTA) (June 2006) – renegotiation discussions During the financial year 6. 82. In 2006/2007. 2006) – signed & awaiting people ratification 3.ratified & signed in 2006 4. As a Member of Growing Sustainable Business (GSB) under UNDP. KenInvest was involved in facilitating business-led enterprise solutions to poverty in advancement of the Millennium Development Goals (MDG).

but also it participated in the development of Lake Victoria Basin Initiative (Investment and development potentials in the Lake Victoria Basin Commission). .9 10. Employment Levels) FINANCIAL NUMBER OF TOTAL CAPITAL COST TOTAL CAPITAL EMPLOYMENT YEAR PROJECTS NUMBER (IN BILLIONS) COSTS CREATED OF PROJECTS (IN BILLIONS) LOCAL FOREIGN LOCAL FOREIGN LOCAL FOREIGN 2005/2006 41 58 99 7. Capital Costs.3 82.175 people. ANNUAL REPORT 2006/2007 21 the institution on matters on East Africa Community by assisting in drafting various documents.9 billion.9 billion. collected actual information on performance of projects. During the financial year 2005/2006.3 per cent.9 11.972 2006/2007 31 80 111 15.6 67. 16. Apart from the JKIA Liaison Office.8 22. and collected information on investor concerns and to advice investors on other opportunities for re-investment such as expansion and diversification. we have a regional office in Eldoret that covers the Western.006 25. Investor Services The institution through this department has played a big role in contributing to the economic growth rate which is now at 6. to enhance retention and expansion of investments in Kenya.972 people. In 2006/2007.141 3. Nyanza and the North Rift area. and with potential employment of 11. KenInvest visited the actual project sites to verify the information contained in project files. 82. Over 260 applications were forwarded by the department to the Immigration Department for approval.9 76.520 2. KenInvest licensed 99 (ninety nine) projects with an estimated planned investment of KShs.147 The objective of aftercare services is a core function of this department. for example: The East African Investors guide. the East African Model Investment Code. TABLE 3: Comparison of Projects Details (Number of Projects. 111 projects were processed with an estimated capital of KShs.9 99.175 TOTALS 72 138 210 22.3 9. This was through the institutions’ key role in attracting domestic and international investors. A total of 87 projects were visited in this financial year.6 16. and potential employment of 13.621 351 11. Below is Table 3 showing an analysis and comparison of these years.655 13.

22 KENYA INVESTMENT AUTHORITY Investment opportunities Investors are encouraged to utilise available opportunities in the construction sector Construction .

a statement of income and expenditure. and such other statements that the Board may deem necessary. ANNUAL REPORT 2006/2007 23 Statement of Board Members’ Responsibility The Public Audit Act 2003 requires the Board to prepare financial statement for each financial year. which includes a balance sheet showing in details the assets and liabilities of the Authority. a statement of income and expenditure. activities. undertakings. transactions and other business of the Board. The State Corporation Act (Cap 446) requires the Board to ensure that proper books are kept recording all the property. The Board members accept the responsibility for the annual financial statements. contracts. The Board members are of the opinion that the financial statements give a true and fair view of the state of financial affairs of the Authority and of its operating results. funds. the Board members further accepts responsibility for the maintenance of accounting The Public Audit Act 2003 requires the Board to prepare financial statement for each financial year. which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates. . and such other statements that the Board may deem necessary. The Board is also responsible for safeguarding the assets of the Authority. which includes a balance sheet showing in details the assets and liabilities of the Authority. in conformity with generally accepted accounting practice and in the manner required by the State Corporations Act.

the income statement. 2004. I believe the audit provides a reasonable basis for my opinion.N. CBS CONTROLLER AND AUDITOR GENERAL on the 31st March. and making accounting estimates that are reasonable in the circumstances. were necessary for the purpose of the audit. to the best of my knowledge and belief. I have audited the financial statements of Kenya Investment Authority for the year ended 30th June. Signed by P.KOMORA. whether due to fraud or error. proper books of account have been kept and the accompanying financial statements give a true and fair view of the state of the financial affairs of the Authority as at 30th June. This responsibility includes: Designing. and a summary of significant accounting policies and other explanatory notes in accordance with the provisions of Section 14 of the Public Audit Act. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board. whether due to fraud or error. 2008 at Nairobi . The Board’s Responsibility for the Financial Statements The Board is responsible for the preparation of financial statements which give a true and fair view of the Authority’s state of affairs and its operating results in accordance with International Financial Reporting Standards. 2003. but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal controls. The procedures selected depend on the auditor’s judgments. implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement. The audit was conducted in accordance with the International Standards on Auditing. selecting and applying appropriate accounting policies. the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. Opinion In my opinion. In making those risk assessments. statement of changes in equity and cash flow statement for the year then ended. 2007 set out on pages 4 to 10 which comprise the balance sheet as at 30th June. Those standards require compliance with ethical requirements and that the audit be planned and performed with a view to obtaining reasonable assurance that the financial statements are free from material misstatement. 2007 and of its surplus and cash flows for the year then ended in accordance with the International Financial Reporting Standards and comply with the Investment Promotion Act. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. I have obtained all the information and explanation which. 2007.24 KENYA INVESTMENT AUTHORITY Auditors’ Report and Financial Statement Report of the Controller and Auditor General on the Financial Statements of Kenya Investment Authority for the Year ended 30th June 2007. Responsibility of the Controller and Auditor General My responsibility is to express an independent opinion on the financial statements based on the audit. as well as evaluating the overall presentation of the financial statements.

422 85.705.761 .977 55.043.523 1.608 - DEPRECIATION CHARGES 15 1.098.119.000 TOTAL INCOME 93.662 86.497 SURPLUS/(DEFICIT) FOR THE YEAR 1.500.227.810.113.321.737.356 OFFICE & GENERAL EXPENSES 6 1.267.240 1.971.000 228.062.200.267 917.944 BOARD EXPENSES 4 4.934 STAFF SALARIES. ANNUAL REPORT 2006/2007 25 Income & Expenditure Statement for the period ending 30th June 2007 Notes 2006/2007 2005/2006 INCOME KSHS KSHS GOK GRANTS 1 93.258 MISCELLANEOUS RECEIPTS 508.814 - TOTAL EXPENDITURE 92.856 COMMUNICATION SUPPLIES & SERVICES 7 4.494 RENTAL OF PRODUCED ASSETS 10 3.290.215.441 PRINTING ADVERTISING & INFORMATION 8 1.400 954.770 197.619.228. BENEFITS & TRAINING 5 58.188 498.198 86.798 TRANSPORT & TRAVEL EXPENSES 9 6.593.717 1.984.589 ACCRUED PENSION INTEREST 16 4.783 9.690 5.915 5.464 21.131 3.074 DEVELOPMENT EXPENSES 14 2.749.136.457.000 COMMISSIONS 2 23.721.728.790 INSURANCE COSTS 11 71.982 ROUTINE MAINTAINANCE OF ASSETS 13 475.136.204.258 RECURRENT EXPENDITURE HOSPITALITY SUPPLIES & SERVICES 3 1.640 1.626.239 OTHER OPERATING EXPENSES 12 1.

200.835.688 690.350) Accruals 22 15.907688 10.390.761 BALANCE B/F 1.200.264.457.005 1.264.849 58.474 PAYABLES & ACCRUALS Bank overdraft 21 - (261.474 791.335 .094 NET TOTAL ASSETS 19.335 GENERAL FUND 23 SURPLUS / (DEFICIT) FOR THE YEAR 1.762 23.402 12.000 Bank Balances 19 9.907.402 12.230 10.240 1.016.862 TOTAL FUNDS & LIABILITIES 19.713 3.292.318.043.428.390.212 15.782 Cash at hand 20 5.000 25.835.497.082 Deposits 18 40.26 KENYA INVESTMENT AUTHORITY Balance sheet for the period ending 30th June 2007 Notes 2006/2007 2005/2006 KSHS KSHS NON CURRENT ASSETS RECEIVABLES & PREPAYMENTS Sundry Debtors and Prepayments 17 1.616 1.714 1.

The seminar was on Policy Advocacy: Local Authorities to create an enabling business environment . Participated in the Mission to France . Yaounde. 8.K. efforts and present a stronger regional Business case to an investor?” . There has been facilitation of delegations from various countries which include : China. Institute of Public Analysis and Research (IPAR) /Foundation for Advanced Studies on International Development (FASID) Workshop in Nairobi. 31st July.“Kenya Days in Paris.” 2. The African Business Process Outsourcing and call centre conference. UNIDO ITPO Exchange program in Tokyo was attended by one of staff and has resulted in 6 delegations coming to Kenya.A. opportunities and sources of investment capital 2. U. Lybia.20th October 2006. Attended Climate Change Conference organized by United Nation bodies in conjunction with the Ministry of Environment and Natural Resources in Nairobi 3. ANNUAL REPORT 2006/2007 27 Annexures 1) INVESTMENT PROMOTION ACTIVITIES (a) Missions 1. 4. The one day workshop was to encourage Americans to partner with Kenyan counterparts and to invest in the country. Trade and Investments between Kenya and France”. Cameroon. Kenya’s Trade Mission to Egypt. Malaysia. Bishop Eddy Long’s – Investment Workshop. Workshop on the launch of Lenovo ICT products and business presentation at the Grand Regency Hotel 6. Europe. The theme of the conference was “Business Process Outsourcing – Employment creating for the new millennium” at Panari Hotel. Japan Taiwan. 18th . All stakeholders seminar in Vihiga District . August. U. 6. Participants were trained on how to apply the technique of location benchmarking . (b) Workshops 1.S. 25-26 September 2006. The objective of the mission was to explore mechanisms for enhancing bilateral trade between the two countries and enhancing cooperation and networking between respective business organizations/associations. 2006. the national standards bodies and the export administration authorities. – 11th -15th February. United Nations Centre for Regional Development (UNCRD) mission in Ethiopia 5. Germany. 2006. 7. 2007 4. August.Building Bridges in Tourism. Nairobi. ProInvest-WAIPA Workshop on “How can IPAs in ACP work together to pool resources. 3. Iran and Australia. 2006 5. 2006. Local Authority seminar for Kimilili Municipal Council. Italy. Regional Workshop on World Trade Organisation issues.July. The seminar was bring together various stakeholders in the district to deliberate on issues affecting investment facilitation.

The Immigration department has come up with a draft bill “Kenya Immigration and Nationality Service Bill 2006’ which has consolidated all the operational laws. The objective was to build capacity for Small Scale Enterprise (SME’s) and assess growth of new investments as a follow up on policy advocacy/ sensitization campaigns by Kenya Investment Authority . Cap 172. The meeting was aimed at discussing issues of policy advocacy through investment promotion agencies to influence policy change 13. 2006 at the Grand Regency Hotel. 19th December. 2006. 11. 19.8th December2006. Stakeholders Workshop on Review of Immigration Laws at Nakuru Waterbuck Hotel. KenInvest was identified as a stakeholder and participated in the workshop to review the immigration’s operational laws on 29th October – 4th November. Cap 173. The LVEMP II (Lake Victoria Environmental Management Programme preparation Workshop – Kisumu on 23rd November. Oikocredit is worldwide cooperative society that promotes global justice by challenging people. 16. WAIPA Regional Investment Conference 17th – 18th November. Cap 170.2006 18. churches and others to share their resources through socially responsible investments and by empowering disadvantaged people with credit. and how the region can be marketed more powerfully to inward investors) 9. Aliens Restriction Act. The functions of the Department of Immigration are governed by the Kenyan Constitution. 2006. Stakeholders Workshop on Complaint handling and Electrical Installation work rules at the Kenya School of Monetary Studies – 14th December. promote national compliance/ awareness to World Trade Organisation (WTO) issues and also to identify critical intervention areas. Horticulture export strategy seminar held at Sirikwa Hotel in Eldoret. Immigration Act. Burundi form 18th -24th February. Workshop on Development cluster dedicated session and the 10th Regional Negotiation Forum for Economic Partnership Agreements Bujumbura. The objective of the seminar was to build capacity /institutional support to stakeholders. . Oikocredit 12th Anniversary celebrations. 2006 17. 2006 10. 15. 14th -15th Dec. 2006. The department is also guided by the Visa Regulations and other relevant international conventions that Kenya is a signatory to. Ad Hoc Meeting on Investment Policies organized by UNCTAD in Geneva 23-24 November.Kisii-Nyamira (South Rift Region). Workshop on Licensing in Local Authorities. Seminar on the implication of the expected COMESA Customs Union to exporters in Kenya and how it will relate with EAC on 29th November. The objective was to develop procedure to be used in introducing licenses in local authority and to reduce the number of licenses the local authorities are levying. . Kenya Citizens Act. The conference was organized with the COMESA Regional Investment Agency in collaboration of the Arab Republic of Egypt. The theme of Conference theme was ‘IPA Capacity Building & Investment Promotion Strategy in Africa and the Middle East’ in Cairo – Egypt 12.28 KENYA INVESTMENT AUTHORITY to understand the competitive position of each sub-region identified. 2007. Business Seminar on Investor Tracking. 14. 2006. 30th November – 1st December. 2006.

2007 in Voi at the Coast Institute of Technology. Organised by the Steadman South Africa and Turning Point Networks. 31. Germany. 24. 6-7 September. Ethiopia. The forum was organised in liaison with the Ujuzi and Biashara Community Based Organisation. The theme of the seminar was ‘Gem of Conservancy & Investment’. 28. Fresh Produce Exporters Association (FPEAK) Organised horticultural exhibition on 9th -10th March. The meeting was jointly organized by UNIDO and the African Union. 2007. Investing in Renewable Energies in East Africa. Wanguru.” 30th July. 26. Honorable Amos Kimunya. This regional conference was co-organised by the East Africa Business Council. 2007. The seminar was organised in liaison with the Provincial Commissioner’s Office in Nyeri environs. 2007. Investment and Tourism Mission from Dallas. Workshop for the in-coming Trade. 27th March. 22nd. 2007 KfW Bank/Main. 27. 23. 29. Investment Promotion and Senzitisation Workshop for Taita Taveta District on 25th May. Kenyans in the Diaspora conference in London. The meeting was on building an information platform for Investment in Africa in African Productive Capacity. UNIDO/ African Union Expert Group Meeting from 11th – 14th March. The theme of the seminar was ‘Where Nature Blends with Entrepreneurial Talent’. Germany. ANNUAL REPORT 2006/2007 29 20. . 30.30th March 2007. The theme of the forum was ‘Wealth Creation Towards Vision 2030’. 2007 in Addis Ababa. Frankfurt. The slogan of the forum was ‘Kenya’s Livestock Capital’ and the theme ‘Value addition in livestock and medicinal plants 2030’. The Managing Director represented all EAC and IPAS. The seminar was organised in liaison with the Provincial Commissioner’s Office in Nyeri environs. tourism and investment opportunities available in Kenya.S. Texas – half day workshop. 2007. Naro Moru. 2007 at the Mwea Rice Mills Go downs. The Managing Director represented all EAC and IPAS. East African Investment Conference 11th April. Pro-Invest and Africa-Verein. 2007. Round table discussions on information and capacity building requirements to assist African governments in attracting new foreign direct investment (FDI) inflows and expand their beneficial impact on local economies. The purpose of the event was to promote trade. The seminar was organised in liaison with the Provincial Commissioner’s office. Nyeri and South district Investment Opportunities Forum – 19th May. 2007. Laikipia East Investment Forum – 21 May.A. 22. UK. Rumuruti Investment Forum ( Laikipia West District) on 17th May. 21. Nyeri Investment Forum on 15th May. East African Investment Conference 11th April. Kenyan delegation led by the Minister of Finance. The theme of the workshop was “Building Business to Business Linkages between Kenya and U. 2007. 2007. December 2006 and United States of America and Canada. Kenya Business Meeting Midrand Johannesburg. 25. KenInvest coordinated and also participated in the conference.

The purpose of the workshop was assist Investment Promotion Agencies in unlocking the investment potential in . These include: 1. procurement officers to implement speedy. c) Training Members of staff have benefited in various trainings both locally and internationally. Pro invest Trinnex Workshop . The Workshop brought together 30 participants from national agencies involved in compilation of statistics and analysis of FDI statistics and activities of TNC’s in COMESA region. Sensitization Training Workshop for Procurement Officers on the Public Procurement andDisposal Act. 2006 2. 3. 2006. Nairobi 10th -14th July. 2007. 2005 and the Public Procurement Regulations. Training of Link Persons on Management of Wealth Declaration Forms -26th to 29th November. Distance Learning Seminar on ‘Procurement Contracting & Regulating Public Infrastructure Development Projects’ organized by Organised by IDLO.The PROINVEST programme. 2006. . 9. The programme was sponsored by SIDA and was divided into three phases. Kochi. and to recommend actions on how to strengthen public procurement system. 2006. organised the East Africa – EU Economic Partnership Agreements. in collaboration with the Uganda Investment Authority. 2007. The workshop was to help the officers understand the standard Procurement documents. Sixth Commonwealth – India Small Business Competitiveness Development Programme – India. the World Association of Investment Promotion Agencies (WAIPA) and UNCTAD. Intellectual Property Rules and Protection for Developing Countries Course – Beijing China November. The training was to help understand the constraints faced by small and medium enterprises and suggest way of intervening in their growth and development for the country’s economic development 10. The focus of the seminar was to develop an understanding of the China’s economic reforms and interaction with the rest of the world in November. 2007.Zambia on 5th – 7th September. Capacity Building Program on Intellectual Property Rights in practice: How to protect and enforce intellectual property rights organised by IDLO in conjunction with Ministry of Justice and Constitutional Affairs in Naivasha – 2nd – 6th October. 4. 2006 on 13th -14 February. The second phase was via e-learning and the third phase was finalized and completed in China in November. 6. The first phase took place in Sweden.30 KENYA INVESTMENT AUTHORITY 32. 2006. The objective of the seminar was to enhance capacity of legal officers. World Trade Conformity Assessment and Quality Infrastructure Development. 2006 in Embu 8. 5. 7. Attended COMESA UNCTAD FDI/TNC Statistical Workshop. Workshop Training on “Multilateral Trade Negotiations”. transparent and fair acquisition of goods and services through competitive means. 25 – 30 March. Economic Management Training Course in China.

25 -26 June 2007 in Kampala. European and Third countries players and decision makers active in this sector. 2007 . Kampala – Uganda . Also ‘Training of Trainers’. 2006. Italy June 9. Training on Intellectual Property Rights organized by the Republic of China in Beijing. 16th June – 15th July. Intellectual Property Impact Program as a result of a successful in country training in Kenya in October. 2007 13. Conducted by IDLO in Rome. Uganda. China. 12. 27 – 29 June 2007 At Speke Resort. The purpose of the meeting was to facilitate business contacts and to stimulate investment and cooperation agreements in the East Africa and Indian Ocean Region by bringing together African. 11.July 4. ANNUAL REPORT 2006/2007 31 tourism. PROFIT 2007 Investment Conference on Tourism.

32 KENYA INVESTMENT AUTHORITY Investment opportunities Investors are encouraged to invest in infrastructure projects in Kenya Infrastructure .

8 of and Co-ordination act. 1996 and certificate of Compliance required in section 30(7) of that Act N0. or under the public Health act. prepare.6 of 1996 9 Registration(Conditional) under the Industrial Training 237 10 Private carrier’s license under the Transport Licensing Act 404 11 Permit to use a standardization mark under the Standards Act 496 12 Permit required under section 25 of the Water Act 2002 No. Drug and Chemical Substances Act to use premises to sell. ANNUAL REPORT 2006/2007 33 2. 8 of 2002 13 Licence for a steam vessel under the Lakes and Rivers Act 409 14 Environmental impact licence under the Environmental Management No. including under any by-laws made under that act. store or display for sale. any food 254 22 Registration under section 22(6) of the Agriculture Act 318 . 1999 1999 15 Hotel licence under the Hotels and Restaurants Act(Conditional) 494 16 Hotel Manager’s licence under the Hotels and Restaurant Act for the person specified in the investment certificate 494 17 General retail liquor licence and hotel liquor licence under the Liquor licensing Act 121 18 Restaurant licence under the Hotels and Restaurants Act (Condition) 494 19 Restaurant manager’s licence under the Hotels and Restaurant Act for the person specified in the investment certificate 494 20 Restaurant liquor licence under the Liquor licensing Act 121 21 Licence under Food. Exports Essential Supplies Act 502 4 Registration of premises as a Factory under the Factory Act 514 5 Approval of Plans under section 69G of the Factories Act 514 6 All Licences under the Local Government Act including any by-laws made under the Act 265 7 Authority or consent under the Local Government Act. 1 Registration under the Industrial Registration Act 118 2 Licence including conditional licence under the Trade Licensing Act 497 3 Import/Export Licence under the Imports. to undertake construction of works or premises 242 8 Development permission under section 33 of the Physical Planning Act. All the Licences that the Investment Certificate Covers SERIAL DESCRIPTION CAP NO.

2001 2001 30 Movement permit under the Coffee Act.10 of Act. Skin and Leather Trade Act 359 37 Exporter’s licence or importer’s licence under the Hide. Skin and Leather Trade Act 359 39 Bacon factory licence under the Pig Industry Act 40 Licence to slaughter pigs under the Pig Industry Act 41 Licence to Keep pigs under the Animal Diseases (Control of Pigs Diseases) Rules under the Animal Diseases Act 364 42 Licence to operate a slaughter under the Meat Control (Local Slaughterhouses) Regulations under the Meat Control Act 356 43 Licence under section 8(10)(a) of the Kenya Meat Commission Act 363 44 Licence to slaughter pigs under the Pig Industry Act 361 45 Licence to keep pigs under the Animal Diseases (Control of Pigs Diseases) Rules under the Animal Diseases Act 364 46 Licence for a sterilizing plant under the Fertilizers and Animal Foodstuffs Act 345 47 Licence under section 8(1)(b) of the Kenya Meat Commission Act 363 . 242 36 Buyer’s licence under the Hide. 9 of transact business in coffee under the Coffee Act. Skin and Leather Trade Act 359 38 Registration certificate for premises under the Hide. 2001 2001 29 Licence to buy. 2001 No.34 KENYA INVESTMENT AUTHORITY 23 Licence to grow pyrethrum under the Pyrethrum Act 340 24 Registration as a grower under the sisal Act (Conditional) 341 25 Licence for a factory under the Sisal Act 341 26 Miller’s licence under the National Cereals and Produce Board Act 338 27 Manufacturing licence under the Tea Act 343 28 Licence to operate a sugar mill or a jaggery mill under the Sugar No. 9 of 2001 31 Registration under Part V of the Dairy Industry Act (Condition) 336 32 Dairy manager licence under the Dairy Industrial Act for persons specified in the investment certificate 336 33 Retail Licence under the Dairy Industry Act 336 34 Registration of premises as a dairy under the Public Health (Milk and Dairies) Rules under the Public Health Act (Condition) 242 35 License as a purveyor of milk under the Public Health(Milk and Dairies) Rules under the Public Health Act. mill. sell. warehouse. export or otherwise deal in or No.

ANNUAL REPORT 2006/2007 35 48 Stock trader’s licence under the Stock Traders Licensing Act 498 50 Certificate of registration of a vessel under the Fisheries Act 378 51 Licence to catch fish under the Fisheries Act 378 52 Licence for a foreign fishing vessel under the Fisheries Act 378 53 Manufacturing licence under the Pharmacy and Poisons Act 244 54 Registration of premises under the Pharmacy and Poisons Act 244 55 Licence for premises under the Pest Control Products Act 346 56 Licence to deal in motor vehicle components or accessories under the Motor Vehicle Components and Accessories Act 520 57 Licence to carry on business of buying or selling second-hand motor vehicles under the Second-Hand Motor Vehicles Act 484 58 Licence under the Scrap Metal Act 503 59 Public carrier’s licence under the Transport Licensing Act(Condition) 404 60 Prospecting right under the Mining Act 306 61 Exclusive prospecting licence under the Mining Act for specific lands 306 62 Lease under the Mining Act for specified lands 306 63 Consent under section 10 of the Wildlife (Conservation and Management) act for specified lands in a National Park 376 64 Licence to Trade in unwrought precious metals under the trading in unwrought Precious Metals Act 309 65 Diamond dealer’s licence under the Diamond Industry Protection Act 310 66 Cinema licence under the Films and Stage Plays Act 222 67 Filming licence under the Films and Stage Plays Act 222 68 Authorization to make a film in a National Park under the Wildlife (Conservation and Management) Act 376 69 Licence to carry on a hire-purchase business under the Hire-Purchase Act 507 70 Licence under the Auctioneers Acts. 1996 5 of 19996 .

36 KENYA INVESTMENT AUTHORITY Investment opportunities The agricultural industry has great growth potential through use of technology and farming Agriculture techniques that can make Kenya self sufficient in food production .

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