NAIROBI (Xinhua) --
China and Kenya have signed an agreement
of an approximately U.S. $17 million dollars Chinese grant to
finance three projects in Kenya, including the repatriation of
Part of the grant will be used for the construction of the
largest Confucius Institute in Africa which will be hosted at
the University of Nairobi, Cabinet Secretary for the National
Treasury, Henry Rotich, told a media briefing in the capital
"The Confucius Institute will be an important center for the
dissemination of Chinese culture in Kenya and Africa," Rotich
said during the signing ceremony.
Chinese financial support is a strong indication of the
cordial bilateral relations between the two countries, he said,
adding that the growing status of China has made it essential
for understanding Chinese culture.
The grant will also fund refurbishment work on Kenya’s main
stadium, Moi International Sports Center, which was completed in
1987 as a donation given by the Chinese government. Chinese
engineers will be sent to maintain the facilities and train
local workers during the process.
China will also offer humanitarian support for the
repatriation of Somali refugees who are currently living in
Kenyan refugee camps, and the funds will be used in supplying
tents in the resettlement of the refugees back in Somalia,
The grant follows a series of economic and technical
cooperation agreements signed between the two governments last
Chinese Ambassador to Kenya Liu Xianfa, at the ceremony, said
the governments are considering more projects that will benefit
peoples of the two nations.
Largest China bank pledges to scale up investments in Kenya
NAIROBI (Xinhua) --
China’s largest bank has pledged
to scale up investments in Kenya by bringing money as well as
Chinese investors to invest to the East African nation.
The Industrial and Commercial Bank of China (ICBC) chairman
Jiang Jianqing who met with Kenya President Uhuru Kenyatta in
Nairobi said he was impressed by the progress Kenya has made in
the recent past.
"We are impressed by the progress going on in Kenya and we
will bring more Chinese investors to Kenya. Kenya is not only
the fastest growing economy in Africa, it also leading in the
world," he said according to a statement issued after the
Jiang was accompanied by officials of the bank and members of
the China Entrepreneurs Forum of Yabuli, which brings together
the wealthiest of the Chinese business community.
The ICBC chairman who has been in Nairobi to attend
China-Africa Entrepreneurs Forum which brought together over 100
participants from Kenya and China said it was the first time
ICBC bank officials had come to Kenya and they were impressed.
Jiang said Kenya’s economy was making impressive progress and
the legal system is favorable for investors, adding that the
bank will also push to have more Chinese tourists come to Kenya.
Speaking during the meeting, Kenyatta said the East African
nation’s doors are open to investors as long as the ventures are
of mutual benefit.
"We are open for business and our only formula is that it
must be on a win-win basis," he told the ICBC officials.
Kenyatta said it was time for the economic partnership
between Kenya and China to move from the government to
government level to the level of companies.
He urged Chinese investors to look for Kenyan companies and
individuals to partner with as they seek to invest in Kenya’s
"It is the people to people links that are fundamental to the
strength of our relationship," said the president.
With an asset base of more than 3.3 trillion U.S. dollars,
ICBC stands out as the world’s largest bank. The bank realized a
profit of 44 billion dollars last year alone.
The Asian tiger has emerged as one of Kenya’s leading trading
partners over the past two decades.
Data from the Chinese embassy in Nairobi indicates that in
2014 total bilateral trade between Kenya and China reached 5.09
billion dollars, a 53 percent increase from the previous year.