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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Chinese offer U.S. $17 million dollar grants for Kenya projects

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 Somali refugees.

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 Nairobi.

"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, Rotich revealed.

The grant follows a series of economic and technical cooperation agreements signed between the two governments last year.

Chinese Ambassador to Kenya Liu Xianfa, at the ceremony, said the governments are considering more projects that will benefit peoples of the two nations.
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EARLIER REPORT:

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 meeting.

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 growing economy.

"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.

             

 

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