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China-Africa Development Fund to set up regional office in Nairobi

By DPPS | Published Mon, February 9th 2015 at 19:19, Updated February 9th 2015 at 19:20 GMT +3

Nairobi: The China-Africa Development Fund will set up an office in Nairobi that will be a Regional Centre for trade and investment in Kenya and the East African region.

Speaking when he paid a courtesy call on Deputy President William Ruto in his office today, the Fund’s Vice-President Wang Yong said they had identified Kenya as the most suitable place to set up a regional office because of its robust economy and strategic position in this region.

Said Mr. Yong, “We are keen on opening business here and expanding opportunities for Kenyans and other people in this region in development projects.”

The Deputy President said Kenya had an array of areas that the fund could invest in and identified the road annuity programme as the most suitable noting the government intends to tarmac 2000 kilometres of mostly rural roads in the next five years beginning this year.

“The tarmacking of the roads will stimulate growth in the rural areas and your support is very critical in this regard,” said Mr. Ruto.

Noting that there was need for more engagement with the fund, Mr. Ruto pointed out that the fund could also venture in manufacturing, agro-processing and the whole area of value addition.

He said, “We would like to partner to create jobs and engage more young people in this country and in the region in manufacturing and in industrialisation.”

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Noting that investment opportunities abound in Kenya, the DP said the China-Africa Fund could also consider investing in the generation of energy using coal in Lamu to increase more energy in the country to drive the economy.

Mr. Yong expressed confidence that the Fund’s Nairobi regional office will be operational by June.

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