(Xinhua) -- The China-Africa Development Fund
(CADFund) on Thursday signed a memorandum of
understanding (MoU) with the Kenyan government to
develop 20,000 housing units for civil servants.
Speaking at the launch of a new
CADFund office in Nairobi, Kenyan Cabinet Secretary for
Transport, Infrastructure and Housing James Macharia
said Chinese investments have stimulated economic growth
in the east African nation.
“Kenya has witnessed huge Chinese
investments in the last decade. The signing of an
MoU with China-Africa Development Fund to develop
20,000 housing units for our civil servants is a
testimony to our strong partnership,” Macharia said.
Chinese Ambassador to Kenya Liu Xianfa
and senior executives from CADFund witnessed the signing
of the MoU.
Operated by the China Development Bank
(CBD), CADFund’s main tasks include supporting Chinese
business and investing in Africa. It has a capital
reserve totaling 10 billion U.S. dollars.
So far, CADFund has enlarged its
investment portfolio across Africa in areas like
agriculture, manufacturing, infrastructure development
and industrial parks.
Macharia said Kenya is keen to partner
with Chinese financial institutions to modernize
transportation infrastructure and develop new
“China’s Exim Bank and CADFund have a
proven track record in infrastructure development.
The setting up of CADFund offices here in Nairobi is
very crucial,” Macharia remarked, adding that Kenya
will strengthen engagement with the private sector
to develop new roads and social amenities.
Chi Jianxin, Chairman of CADFund, said
that priority will be given to development of railways,
roads, ports and industrial parks in Africa. He revealed
that CADFund has invested in 87 projects across 36