Kenya: Chinese Investments Welcomed by Vice President

August 24, 2009

Post image for Kenya: Chinese Investments Welcomed by Vice President

During the visit of China-Africa Development Funds’s CEO Chi Jianxin to the office of Kenyan Vice President Kalonzo Musyoka yesterday, the Vice President expressed his gratitude for China’s financial and technological support in road construction and hydro-power generation. 

Kenya is positioning to further benefit from the US$ 5 billion that the Chinese Government is currently looking to invest throughout Africa and via the newly established China-Africa Development Fund.

Vice President Musyoka stated that the cooperation between Kenya and China regarding the High Grand Falls hydropower project at the Athi and Tana basins is going to improve the country’s electricity supply by providing an additional 200 MW to Kenya’s electricity grid.

Musyoka also recommended the Chinese investors to consider venturing into mineral exploration and mining. Kenya’s huge oil and coal deposits, as well as its rich mineral resources make an interesting investment opportunity for Chinese investors, who would bring in much needed technology to modernize Kenyan food production and further develop modern irrigation to help the country’s agricultural sector to develop and free itself from over-dependence on rain-fed farming.

This would help Kenya to secure food security, which is an increasingly important issue as the country is currently facing severe drought and basic food supply for more than 10 million people is currently under scrutiny. Lack of rainfall for the last few seasons has lead to reduced agricultural output, and rising food prices are putting immense pressure on people and families both urban and rural areas throughout communities in Kenya.

China-Africa Development Fund is considering to open a new branch in Nairobi, one of Sub-Saharan financial hubs and commercial center of East Africa and the Great Lakes Region. The China-Africa Development is managing a US$ 5 billion fund, of which US$ 1 billion has already been allocated to more than 20 projects that are in the process of being completed throughout the region.

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{ 6 comments… read them below or add one }

1 Richard Welsh August 26, 2009 at 10:11

Kenya is facing a very challenging year, as due to the lack of rain during the last few rain seasons people are getting hungry, malnutrition is starting to get widespread and an estimated 10 mill. people do not have access to sufficient food and clean water.

Food prices have gone up enormously during the last few months, prices for maize is rocketing and families are struggling to make ends meet.

Irrigation based farming is much needed and is the only sustainable solution I see for Kenya it improve this, by using more advanced technological farming and agricultural methods.

Why not benefit from Chinese technology to help with this: as long as it works and the result is able to feed people, it’s all good to me.

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