The National Treasury and Economic Planning Cabinet Secretary John Mbadi has sealed a deal in China where he accompanied President William Ruto for the Forum on China–Africa Cooperation (FOCAC) to construct 15 roads.
In a statement from the National Treasury, CS John Mbadi sealed the deal with Tan Jiong, President of China Development Bank.
The credit facility will be utilised towards the development of 15 rural roads in the country.
While sealing the deal, CS Mbadi observed that the road infrastructure would help create job opportunities and improve access to essential services.
“CS John Mbadi today signed a credit facility with Mr. Tan Jiong, President of China Development Bank, in Beijing to construct 15 rural roads across Kenya. These roads will boost economic activities, create jobs, and improve access to essential services in the rural areas.
“This project is aimed at enhancing rural connectivity, enhancing economic growth, and uplifting livelihoods across the country,” a statement from the National Treasury read in part.
“Today’s signing is important because the Govt prioritizes rural roads development. This project will unlock opportunities for trade, improve market access, and enhance the quality of life for millions in underserved areas, marking a key step toward achieving Kenya’s Vision 2030 goals,” it added.
However, the exchequer did not immediately reveal the amount secured as a credit facility.
Other deals
After securing the deal, the National Treasury Principal Secretary Chris Kiptoo signed a memorandum of understanding in Beijing to enhance cooperation through the Public Private Partnership model, supporting Kenya’s policy to boost private sector involvement in bilateral development projects.
Kiptoo sealed the deal in the presence of Wang Shaodan, Chairman of the China Africa Development Fund.
“The MoU signed today is expected to encourage more Chinese companies to invest in Kenya’s infrastructure projects, utilizing the PPP financing framework. This partnership will play a critical role in supporting long-term investments in key sectors, enhancing Kenya’s development agenda,” the National Treasury explained.
During the event, the China Development Bank agreed to expand the existing China Africa Development Fund office by opening a new office in Nairobi.
According to the exchequer, this expansion will be a key part of broader efforts to strengthen economic ties between Kenya and China.
4/4 The MoU signing event in Beijing China between PS @Kiptoock and CADF chairman was witnessed by CS Hon. John Mbadi, CS @davis_chirchir , PS @Roads_KE Eng Joseph Mbugua. @StateHouseKenya @KBCChannel1 @citizentvkenya @ntvkenya @KTNNewsKE @K24Tv @BD_Africa pic.twitter.com/3zwIO5DVzW
— The National Treasury & Economic Planning (@KeTreasury) September 6, 2024
