Kenya signs significant agreements with China

President William Ruto has revealed that the two nations had struck business agreements pertaining to the ICT, health, and engineering sectors.

In a government-led healthcare venture called Konza Medical City that aims to provide universal health coverage throughout the African nation, Kenyan President William Ruto revealed on Tuesday that 11 Chinese companies are planning to contribute more than $160 million.

I am thrilled for Zhende Medical Co., which is entering a deal to invest $125 million in Tatu City, as well as the 11 companies who have launched the Konza Medical City, their $161.7 million special purpose investment vehicle, which arrives in Kenya on time to benefit from the Universal Health Coverage.

During his speech at the Kenya-China investor roundtable in Beijing, which was held in conjunction with the third Belt and Road Forum for International Cooperation, Ruto made the news.

According to President Ruto, Kenya and China also signed business agreements covering a variety of industries, including engineering and ICT, with some Chinese businessmen prepared to engage in current projects and others in fresh ideas. According to local media, the 63 billion Kenyan shilling ($421 million) in deals between the Kenya Chamber of Commerce and Industry and its counterpart in China.

According to the leader of the East African nation, the agreements “demonstrate the investors’ strong faith in China’s visionary Belt and Road Initiative, show profound faith in the dynamic Kenya-China Strategic Comprehensive Partnership, and exhibit tremendous confidence in Kenya’s bottom-up economic transformation agenda.”

China has surpassed the United States as Kenya’s top trading partner as of last year, according to government figures. According to Ruto, Beijing presently sells $3.8 billion to Kenya; nevertheless, the Chinese Ministry of Foreign Affairs reported that in 2022, Nairobi’s entire exports to China will total roughly $270 million.

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Ruto praised Nairobi as a welcoming business climate with many trade prospects, solid infrastructure, and a huge pool of skilled labour, promising investors a high return on investment, in a comment on X (previously Twitter).

The Kenyan Ministry of Energy and its Chinese counterpart earlier on Monday inked a memorandum of understanding that will increase the adaptability and dependability of the electrical grid in the African nation.

An international conference commemorating the Belt and Road Initiative (BRI)’s 10th anniversary is taking place in Beijing over the course of two days.

Ethiopia’s administration revealed on Monday that Prime Minister Abiy Ahmed, who is attending the summit in Beijing, has inked 12 agreements of cooperation with China.

On Tuesday, Han Zheng, the vice president of China, met with Kashim Shettima, the vice president of Nigeria, who is representing Abuja at the BRI meeting. According to the Nigerian government, both presidents reaffirmed their resolve to “improve political mutual trust, advance practical cooperation, and better develop bilateral relations between the two countries.”