Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Kidero said the monies will fund the urban re-generation of the populous Eastland's area where old county houses still exist several years after they were constructed/FILE

Kenya

Kidero secures Sh87bn China funding for infrastructure

Kidero said the monies will fund the urban re-generation of the populous Eastland's area where old county houses still exist several years after they were constructed/FILE

Kidero said the monies will fund the urban re-generation of the populous Eastland’s area where old county houses still exist several years after they were constructed/FILE

NAIROBI, Kenya, Aug 20 – Nairobi Governor Evans Kidero has secured a Sh87.4 billion deal with the China Investment Bank to be used in developing the county’s infrastructure.

Kidero said the monies will fund the urban re-generation of the populous Eastland’s area where old county houses still exist several years after they were constructed.

He further pointed out that the finances will also be used to streamline the transit transport system and fund the nine transport corridors to open up traffic in the city.

“The China Investment Bank is more than willing to invest in Nairobi County and its Chairman Hu Huai Bang will soon be visiting for us to fine tune the loose ends of the deal, which will transform Nairobi County into a major transit hub,” he said.

He stated that once done, the county will be transformed using all means of transport, from road, rail and rapid transit buses.

He added that some other Chinese investors had proposed to fund the second phase of the Digital Traffic and Security Control, where cameras will be installed in 253 major junctions across the city from Mowlem area in Embakasi West to Karen.

“We also got commitments for the health care sector where statistics show that there are 7.6 million hospital visits per year in Nairobi while my government has 83 hospitals, clinics and dispensaries. This will be upgraded to digital imaging systems,” he said.

Earlier on Monday, Kidero was taken on a tour of Foton Daimler Assembly Plant in Beijing in the company firm’s Senior Vice President Qian Zi Jun.

The plant produces over 100,000 motor vehicle units per annum. Governor Kidero was impressed and extended an invitation to the firm to set up an assembly plant in Nairobi to produce double cabin pick-ups.

“This will be a major step towards developing the county’s transport infrastructure as well as addressing the problem of youth unemployment in the city,” he said.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

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...

Headlines

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

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...

Kenya

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

Coronavirus

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

Coronavirus

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