President Uhuru Kenyatta on Tuesday outlined seven key areas in which the government is seeking Chinese support to drive its growth. Speaking during a meeting hosted by Chinese President Xi Jinping in Beijing, President Kenyatta called on the Asian economic giant to build the highest level of partnership with Kenya to foster economic benefits for both countries. Kenya’s major interest was to secure funding for infrastructural development projects including the construction of a standard gauge rail line from Mombasa to Malaba to ease cargo movement from the port to neighbouring countries. “We are holding discussions for a facility with Exim Bank of China. I would appreciate Your Excellency’s support for this project and further request that the concessional portion for the facility be enhanced beyond 50 per cent where it currently stands,” Mr Kenyatta said in his speech sent to newsrooms by the PSCU. The President’s first official visit to China resulted in the signing of funding agreements amounting to about Sh425 billion. The two countries also pledged deeper economic cooperation and political ties. The money will finance various economic partnerships, wildlife protection, the Mombasa-Malaba railway and energy-related projects. “There is an urgent need for power generation to support my country’s development agenda. We invite Chinese investors to take advantage of our recently discovered coal reserves, as well as geothermal, solar and other resources,” Mr Kenyatta said. However, it is Kenyan businessmen trading with Chinese partners that stand to benefit more with the proposed setting up of a clearing house in Nairobi that would enable the direct exchange of shillings into Chinese currency. “Kenya is already an established financial and transport hub in East Africa. With China’s increasing role in infrastructure development and investment, the use of the Chinese currency has gained stock. I would appreciate your government’s support to host a Renminbi Clearing House,” Mr Kenyatta. He also invited Chinese investors to look at opportunities in Kenya’s 47 counties, in oil and gas, power generation, Lamu Port-South Sudan-Ethiopia Transport project (Lapsset) and the technology city at Konza near Nairobi.
Posted on: Wed, 21 Aug 2013 04:27:32 +0000
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