Inside Ruto’s Ksh 688B Investment Deals In China Trip
During his official visit to the economic superpower, President William Ruto secured investment agreements worth Ksh 688.7 billion with Chinese firms.
President Ruto stated, while addressing the Kenya-China investors roundtable in China on Tuesday, that the government has reached agreements whereby some Chinese companies will inject funds into ongoing projects and others will initiate new projects.
Eleven Chinese companies will invest Ksh 24.2 billion ($161.7 million) in the Konza Medical City, according to the Head of State. President Ruto noted that this investment is by the government’s Universal Health Coverage plan.
President Ruto further disclosed that the Chinese company Zhende Medical Co will invest Ksh Ksh 18.7 billion ($125 million) in Tatu City in a health-related venture.
”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.
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According to President Ruto’s statement, four additional Chinese companies intend to invest Ksh646.3 billion ($4.32 billion) in Kenya’s diverse economic sectors.
”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.
On an official visit to China, President William Ruto is presently attending the third Belt and Road Forum for International Cooperation. The forum in Beijing is scheduled to last for two days.
”These deals 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,” Ruto further stated.
On Monday, President Ruto witnessed the signing of a Memorandum of Understanding (MoU) between the Ministry of Energy of Kenya and Petroleum and Energy of China, which will assist Kenya in modernizing its power generation.
Through the planning, design, transformation, and modernization of transmission and distribution lines as well as substations, the transaction is also expected to enhance the flexibility and dependability of electrical power systems.
Inside Ruto’s Ksh 688B Investment Deals In China Trip