Kenya’s President William Ruto speaks during the launch of the Sevilla Platform for Action during the 4th International Conference on Financing for Development, in Seville, Spain, June 30,… Purchase Licensing Rights , opens new tab ReadLONDON, July 2 (Reuters) – Kenya is planning to privatise some state assets via initial public offerings in order to bring in more private sector investment, President William Ruto said in remarks at the London Stock Exchange on Wednesday.

The government plans to start with listing the Kenya Pipeline Company via an IPO on the Nairobi Securities Exchange this year, Ruto said.

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“We are committed to a structured, time-sensitive programme that identifies and prepares a robust pipeline of key government assets to be privatised through the stock exchange or improved through private sector participation,” he said.

Ruto also said that well-functioning domestic capital markets could reduce reliance on external debt.

Kenya has been seeking new sources of funding since deadly nationwide protests last summer forced it to pursue austerity measures and scrap planned tax hikes worth more than 346 billion Kenyan shillings ($2.68 billion).

Separately, at the Africa Debate event later on Wednesday, Ruto said that following shocks such as U.S. President Donald Trump’s elimination of USAID this year, Kenya is working to rely on its own resources, and private investments, rather than “resources that we do not have any control over.”