2023 Foreign Investment Survey (FIS)

The stock of foreign liabilities increased by 17.9 per cent from KSh 1,748.8 billion at the end of 2020 to KSh 2,062.4 billion at the end of 2022. The increase was attributed to Foreign Direct Investment (FDI) which increased by 11.6 per cent from KSh 1,069.1 billion at the end of 2020 to KSh 1,193.6 billion at the end of 2022. The stock of Other Investment (OI) liabilities increased from KSh 645.9 billion in 2020 to KSh 808.0 billion in 2022. Similarly, Portfolio Investment (PI) rose from KSh 33.0 billion in 2020 to KSh 37.4 billion in 2022. FDI accounted for more than half of the stock of foreign liabilities across the period under review, with the main driver being equity and investment fund shares which increased by 18.8 per cent from KSh 777.9 billion in 2020 to KSh 923.9 billion in 2022. The OI liabilities accounted for 39.2 per cent of total foreign liabilities in 2022, and were mainly in the form of loans; and currency and deposits.