Connect with us

Hi, what are you looking for?


US meltdown will not affect Kenya

NAIROBI, September 26 – The economic turbulence facing the American markets will have little or no impact on the Kenyan market.

Acting Finance Minister John Michuki and American ambassador Michael Ranneberger have said it will take a while for any trickle down effect to be felt in the country.

They both feel the problem was unique to the American mortgage market and had no direct relation to Kenya’s financial operations.

“This will have a very small if any impact and once the interventions are in place, I really think you will see the US economy start to rebound fairly quickly,” Mr Ranneberger said.

The two were speaking during the signing of five development assistance agreements worth Sh25.6 billion.

The assistance is intended for the support of implementation of various projects in key sectors like health, environment and natural resources, agriculture among others.

“Under the health sector the assistance will go towards financing HIV/AIDS initiatives and prevention of other transmissible diseases such as malaria and tuberculosis.  These are preventable diseases but they continue to exert a heavy tool on the population,” Mr Michuki said

The agreements and the broader US engagement are focused on elimination poverty and disease, especially with respect to HIV/AIDS and malaria, promoting good governance and combating corruption among other aspects.

The pact increases US government support, including emergency humanitarian assistance to over Sh49 billion this year.  

Advertisement. Scroll to continue reading.

Meanwhile the Chinese government has extended a Sh197 million grant to Kenya that will be used to mitigate the effects of post-election violence.

Chinese ambassador to Kenya Zhang Ming said the funds would be used to assist in the resettlement of Internally Displaced Persons and the procurement of corrugated sheets for individuals displaced from their farms.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...