Kenya courts Chinese investors

May 2, 2010
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, SHANGHAI, May 2 – President Mwai Kibaki who is in China for a State visit has met and held discussions with officials from various Chinese companies and businesses interested in investing in Kenya.

President Kibaki held talks with officials of China-Africa Development (CAD) Fund who paid him a courtesy call.

The CAD-Fund team led by the Chief Executive Officer Chi Jian Xin briefed the President on their willingness to partner with private/public companies in supporting projects that can be funded through the official bilateral framework between Kenya and China.

During the talks, two key projects; High-grand Falls and Coal-powered electricity generation projects were identified for consideration as Built and Transfer (BOT) projects.

The President later met with President Pan Jilu of Hydro-China Guiyang Corporation. The company – a Hydropower and wind power generation, transmission and distribution firm – 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 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 Chinese businesspeople and companies to invest in Kenya assuring them that the government was doing everything possible to guarantee a friendly environment.

The Head of State directed the Ministries of Finance, Regional Development and Energy to organize consultative meetings with companies interested in Kenya’s development needs and work out modalities of implementing identified projects.

During his State visit, President Kibaki opened the Kenya Stand in the African Pavilion and attended the official opening of the Expo 2010 Shanghai, China.

The President 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 announced the extension of a Sh1.2 billion grant towards Kenya’s development projects.

The talks were attended by Deputy Prime Minister and Minister for Finance Uhuru Kenyatta, Minister for Trade Amos Kimunya, Regional Authorities Minister Fred Gumo, Assistant minister for Industrialization Nderitu Murithi and Kisauni MP Hassan Joho among other senior government officials.

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