China dishes out Sh15bn to Kenya in loans and grants

China LoansIn a move to deepen its relationship with Kenya, the chinese government has dished out Sh15.16 billion to various Kenyan ministries at a State House event graced by President Uhuru Kenyatta.

Chinese Minister for Commerce Gao Hucheng granted the Ministry of Foreign Affairs Sh4.7 billion to build new headquarters.

Additionally, Foreign Affairs Cabinet Secretary Amina Mohamed received Sh102 million to support Kenya for the ongoing Tenth World Trade Organisation’s ministerial conference..

China also gave a Sh10.358 billion concessional loan to the National Treasury Cabinet Secretary Henry Rotich bringing the country’s total assistance to Kenya to Sh15.16 billion in loans and grants.

The loan will be used to implement the second phase of the National Optic Fibre Backbone Infrastructure Extension Project (NOFBI).

President Kenyatta expressed the need for a Kenya-China joint ministerial mechanism to monitor projects implemented through their co-operation that are in line with President Xi Jinping’s $60 billion 10-point development plan for Africa announced at the Johannesburg Africa-China Summit this year.

“This will help ensure better implementation of the projects and give meaning to the Kenya-China partnership,” President Kenyatta said.

He said Kenya was keen on using the grants and interest-free loans provided by China in the modernisation of health equipment and hospitals across the country as well as construction of stadia for the benefit of the young people.

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