Kenya is projecting foreign direct investment (FDI) to hit $3 billion in 2018, an official said Wednesday.

Kenya Investment Authority (KenInvest) Managing Director Moses Ikiara told Xinhua that FDI levels have risen from about $390 million in 2013 to nearly $2 billion in 2016, making Kenya one of the preferred investment destinations on the African continent.

"We therefore anticipate FDI to hit $3 billion in 2018 given our momentum in capital inflows over the past five years," Ikiara said.

Ikiara said the current political impasse around the repeat presidential polls has only momentarily slowed downed implementation of projects.

"We are optimistic that capital inflows will resume once the political impasse is resolved," he added. The investment promotion agency said that FDI remains strong in Kenya due to the well-diversified economy.

Ikiara said the sectors to receive most of the FDI include manufacturing, energy, construction, ICT as well as oil and mining sectors.

He noted that the huge returns of the real estate sector have fueled the boom in the construction sector.

KenInvest said that multinationals have been attracted to set up base in Kenya due to the vibrant domestic as well as numerous preferential trade agreements Kenya has signed with other nations.

(Xinhua News Agency, November 2, 2017)