China Extends KSh 7.4 Billion Loan for Geothermal in Kenya

Kenya's President Kibaki - Welcomes China's Assistance

Chinese Vice-President of the Export-Import Bank of China Mr Zhu Hongjie is in the country for bilateral talks. During a meeting  with President Mwai Kibaki at His Harambee House office today. The VP said China is expected in course of the  week to extend a loan agreement of KSh 7.4 Billion shillings for the drilling of 26 wells under the Olkaria IV geothermal Field production wells project. The 26 wells have a potential for producing an additional 140 megawatts of power.

Among the ongoing projects financed by the People’s Republic of China include the Nairobi Eastern and Northern By Passes at a cost of KSh 9.5 billion. The Kenyatta University to Thika Road that is part of Nairobi-Thika Highway Improvement Project is being implemented at a cost of KSh10.6 billion. It involves the construction of extra lanes from Kenyatta University to Thika town intended to improve traffic flow along the route. Recently the National Youth Service (NYS) obtained modern machinery and equipment worth KSh 4.3 billion concessionary loan. The equipment will greatly assist in maintenance and construction of the country’s road network.

The meeting was attended by Deputy Prime Minister and Minister for Finance Uhuru Kenyatta, Head of Public Service and Secretary to the Cabinet Amb. Francis Muthaura among other senior government officials from line ministries The President noted that under the Forum for China Africa Cooperation (FOCAC) platform, China had enabled Kenya boost the pace of implementing vital development projects. He affirmed that due to the close economic ties existing between the two nations critical projects on infrastructure had been implemented and others are at advanced stages. He noted that Kenya was determined to develop the Port of Lamu and establish a standard-gauge railway from Lamu to serve the Northern parts of the country, the Southern Sudan and Ethiopia.

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