President William Ruto has bagged investment deals worth Ksh 688.7 billion with Chinese companies during his official trip to the economic powerhouse.
Speaking while addressing the Kenya- China investors roundtable in China on Tuesday, President Ruto said the government has secured commitments from various Chinese companies, some to inject funds into existing projects, and others to initiate new initiatives.
According to the Head of State, 11 Chinese companies are set to invest Ksh24.2 billion ($161.7 million) in Konza Medical City, which President Ruto pointed out falls in line with the government's Universal Health Coverage plan.
President Ruto further revealed that a Chinese company known as Zhende Medical Co will be investing Ksh 18.7 billion ($125 million) in Tatu City.
''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.
According to President Ruto's statement, another 4 Chinese companies are intending to invest Ksh646.3 billion ($4.32 billion) in various sectors within Kenya's economy.
''I also recognise 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.
President William Ruto is currently in China on an official visit where he is attending the third Belt and Road Forum for International Cooperation. The forum, being held in Beijing is slated to run 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 Kenya's Ministry of Energy and its Chinese equivalent in a deal that is expected to help Kenya modernise its power generation.
The deal is also expected to optimise the flexibility and reliability of Kenya's electrical power systems through planning, designing, transformation, and modernise transmission and distribution lines and optimise the performance of the country's substations
