Sunday, 2 May 2010

Kenya: President Pushes for More Chinese Investment

Kenya: President Pushes for More Chinese Investment
From Daily Nation via AllAfrica, Sunday, 02 May 2010:
Shanghai — Kenyans can expect more involvement through funding and investment in development projects by China, with President Kibaki's visit to the country, where he invited the Chinese business people to invest in the country.

President Kibaki held talks with officials of China-Africa Development (CAD) Fund who paid him a courtesy call, on Sunday, during which the team, led by the chief executive officer, Mr Chi Jian Xin, informed him on its willingness to partner with private and public companies.

This would be in supporting projects that can be funded through the official bilateral framework between Kenya and China. Among the projects pointed out for consideration, High-grand Falls and Coal-powered electricity generation projects. Later, the President met with Pan Jilu, President of Hydro-China Guiyang Corporation.

The company, a Hydropower and wind power generation, transmission and distribution Company, has been involved in Nandi Multi-purpose Hydro Power project along the Yala River, Bubisa wind power generation project in Marsabit and Ewaso Nyiro South Multipurpose project.

President Kibaki also met and held discussions with Mr Zhang Ren Jun, Senior Vice President of ZTE Corporation. ZTE is a global Telecommunications, Equipment and Networks provider which has been engaged in Western Kenya and North Rift Fibre Optical Cabling extending to the Southern Sudan border.

President Kibaki encouraged the Chinesese business community to invest in Kenya, assuring them that the government is doing everything possible to guarantee a friendly environment. He directed the ministries of Finance, Regional Development and Energy to organise consultative meetings with companies interested in Kenya's development needs and work out modalities of implementing identified projects.

President Kibaki also opened the Kenya Stand in the African Pavilion and attended the official opening of the Expo 2010 Shanghai, China. He also held bilateral talks with the host, President Hu Jintao, during which agreements on funding of Vision 2030 flagship projects were reached.

Among the projects the two leaders agreed upon is the construction of the Lamu Port as well as new areas of development cooperation including health and education where more scholarships will be given for Kenyans to study in China. During the bilateral talks, President Hu Jintao announced the extension of a Sh1.2 billion grant towards Kenya's development projects.

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