Home / News / CHINA-FUNDED HIGH SPEED RAIL HELPS LIFT KENYAN ECONOMY

CHINA-FUNDED HIGH SPEED RAIL HELPS LIFT KENYAN ECONOMY

Kenya’s economy will grow at 6 percent in 2016 and 6.4 percent in 2017 buoyed by renewed interest in newly discovered oil and gas, investments in a Chinese-funded high-speed railway and improved security boosting tourism, the African Development Bank said.

AfDB Regional Representative Gabriel Negatu said economy was expected to grow to 6 percent from 5.5 percent in 2015, based on the assumptions that rainfall would continue to lift agriculture production, leading to a low food prices and low inflation and low global oil prices.

d2B0-fxsqxyc1629590

“For the second year, infrastructure and regional integration registered the highest score of 4.62 up from 4.6 in 2014 but still being the second best in Africa,” Negatu said during the launch of the report in Nairobi on Thursday, referring to a new system of grading countries based on state policy and how national institutions manage national affairs.

The AfDB said Kenya remains “strong” in debt management, monetary policy and fiscal stability, against widely held views among economic analysts the country’s public debt was ballooning beyond control. The China Exim Bank is financing Kenya’s Standard Gauge Railway Project, estimated to cost 3.6 billion U.S. dollars. The project has been hailed for increasing Kenya’s profile as an attractive destination for Foreign Direct Investment in Africa.

hqdefault

The Chinese bank agreed to provide 90 percent funding while the Kenyan government meets 10 percent of the financing needs of the project cost, according to an agreement signed on May 11, 2014. Saitoti Torome, Principal Secretary at the Kenyan State Department of Planning

 

BLKT - Black Tax banner

Check Also

SF International League Partner South Africa 顺丰国际南非 blk

China Express launched in South Africa

South Africa courier service China Express has launched its China Express in JHB South Africa. …

Leave a Reply

Your email address will not be published. Required fields are marked *