Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Speaking on Thursday during the World Economic Forum in Abuja, Nigeria, Li said China would commit half of its overseas development aid to Africa/FILE

Kenya

Chinese premier arrives in Kenya Friday

Speaking on Thursday during the World Economic Forum in Abuja, Nigeria, Li said China would commit half of its overseas development aid to Africa/FILE

Speaking on Thursday during the World Economic Forum in Abuja, Nigeria, Li said China would commit half of its overseas development aid to Africa/FILE

NAIROBI, Kenya, May 8 – Chinese Prime Minister Li Keqiang is due to arrive in Kenya on Friday as the country expects to be a big beneficiary of Asian giant’s newly increased funding to Africa.

The Chinese government has committed to raise the China Africa Fund from $20 billion (Sh1.7 trillion) to $30 billion (Sh2.6 trillion) as it seeks to increase its cooperation with the continent.

Speaking on Thursday during the World Economic Forum in Abuja, Nigeria, Li said China would commit half of its overseas development aid to Africa.

He said the funds will among other things, focus on enhancing industrial, finance and loans, and peace and security.

During his visit to Nairobi, Kenya and China are set to sign a number of agreements with areas of focus being trade, infrastructure as well as science and technology.

President Uhuru Kenyatta paid a State visit to China in August last year, during which the Chinese and Kenyan leaders established a comprehensive and cooperative partnership where he secured Sh425 billion credit.

“China- Africa cooperation also seeks to develop high speed railway to increase current railway line cover of seven percent in Africa,” Li told the Economic Forum in Abuja.

According to China’s customs authorities, last year’s trade volumes rose to Sh281.2 billion, with an annual growth rate of 15 percent.

Chinese direct investment in Kenya in 2013 stood at Sh46 billion with a year-on-year growth rate of 14 percent. Investment covers manufacturing, energy, construction, real estate development, tourism and trade.

On the other hand the Chinese direct investment in Africa was Sh301 billion with an annual growth rate of 20.3 percent.

Advertisement. Scroll to continue reading.

Kenya imports from China include machinery, electronics, vehicles and spare parts, iron and steel, plastic and rubber products, apparels and accessories, footwear and furniture.

Kenya exports to China leather and skins, vegetable, textile, fibre, copper and plastics, ores and concentrates, fish, tea and coffee, among others.

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...

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...

Headlines

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

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...