Ruto signs business deals worth Ksh 688 billion with China
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Ruto scouts for public-private partnerships with China firms lands Kenya business investment deals worth Ksh 688 billion
Ruto scouts for public-private partnerships with China firms lands Kenya business investment deals worth Ksh 688 billion.
President William Ruto is hunting for public-private partnerships with Chinese firms amid growing concerns that some of the uncompleted Chinese-funded infrastructure projects, including the railway, could become white elephants.
Ruto, who is visiting China, on Monday oversaw the signing of a memorandum of understanding with two Chinese entities, China Energy International Group and telecommunications giant Huawei.
He sought to woo Chinese firms to take advantage of opportunities presented by Kenya’s energy and ICT sectors.
On Tuesday, President Ruto said during his speech to the Kenya-China investors roundtable in China that Kenya reached agreements that will allow certain Chinese companies to support ongoing projects while others will others will initiate new projects.
11 Chinese businesses are reportedly planning to spend Ksh 24.2 billion ($161.7 million) in the Konza Medical City, which the Head of State claimed is in keeping with the government’s ambition for universal health coverage. President Ruto made this point.
President Ruto also disclosed that a Chinese company by the name of Zhende Medical Co. will spend Ksh 18.7 billion ($125 million) in Tatu City for a health-related project.
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”I am delighted for the 11 companies which have launched the Konza Medical City, their $161.7 million special purpose investment vehicle, which arrives in Kenya on time to take advantage of the Universal Health Coverage, as well as Zhende Medical Co., which is entering a deal to invest $125 million in Tatu city,” he stated.
According to President Ruto’s statement, another 4 Chinese companies are intending to invest Ksh646.3 billion ($4.32 billion) in various economic sectors in Kenya.
”I also recognize the astute entrepreneurs, including Inner Mongolia Mingxu Electric Power Engineering Co. Ltd, Dongfeng Venucia Automobile Co. Limited, Guangdong Qiya Exhibition Co. Ltd, and Gaochuang Import and Export Co. Ltd, who have expressed their strong intent to invest in Kenya to the tune of $4.32 billion,” Ruto added.
President William Ruto is currently in China on an official visit where he is attending the third Belt and Road Forum for International Cooperation.
The forum, being held in Beijing is slated to run for two days.
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