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Kenya: Country Seeks Bigger Slice of Chinese Investment Fund
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The Nation (Nairobi)
5 July 2008
Posted to the web 7 July 2008
Kaburu Mugambi
Nairobi
The government has stepped up campaigns to woo Chinese investors so as to benefit from the $1 billion (Sh65 billion) China-Africa Development Fund.
The business scope of the fund mainly includes equity and quasi-equity investment, fund investments, fund management, investment management and consulting services.
A technical team from China, whose mission was to establish areas Chinese companies could invest in, concluded a week-long tour in the country on Friday.
In 2006, China's investment in Kenya stood at $30 million (Sh1.9 billion). "They have declared interest in agriculture, manufacturing, energy, transport, telecommunications as well as oil and gas," Trade minister, Mr Uhuru Kenyatta, told reporters in Nairobi on Friday.
"They are also keen on the establishment of an industrial park and free port in Mombasa," he added.
The realisation of Vision 2030, which lays the foundation for an economic revolution to make the country globally competitive with high a standard of living by 2030, would depend on Kenya's ability to attract foreign direct investments, the minister said.
He said that the China-Africa Development Fund which started with $1 billion in 2007 would be raised up to $3 billion in the second phase with an eventual target of $5 billion.
"We will fight for this to ensure that we get the bulk of this fund," the deputy Prime Minister said. "There is no portion that is set aside for Kenya but we will fight aggressively to show them we are the best investment destination in Africa," he said.
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The fund aims to support agriculture, manufacturing, energy, transportation, telecommunications, urban infrastructure and resource exploration in Africa as well as develop Chinese enterprises in Africa.
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