Mbadi Signs Credit Facility with China for Rural Roads
By THE DISPATCH DIGTAL REPORTER
Cabinet Secretary for the National Treasury and Economic Planning, CPA John Mbadi Ng’ongo, and President of the China Development Bank, Mr Tan Jiong, have today signed a credit facility agreement in Beijing, China, to finance the construction of rural roads across Kenya.
The signing ceremony was witnessed by Mr Davis Chirchir, Cabinet Secretary for Roads and Transport, alongside Principal Secretaries Dr Chris Kiptoo (National Treasury) and Eng. Joseph Mbugua (Roads), along with other senior government officials. The construction of these 15 rural roads is expected to stimulate economic growth and create jobs, contributing significantly to the country’s development.
This agreement further strengthens bilateral relations between Kenya and the People’s Republic of China, promoting long-term economic cooperation.
In a separate agreement, Dr Chris Kiptoo and Mr Wang Shaodan, Chairman of the China-Africa Development Fund (CAD Fund), signed a Memorandum of Understanding (MoU) to boost cooperation under Public-Private Partnerships (PPP). This MoU aligns with the Kenyan government’s policy to promote private sector involvement in bilateral projects. Additionally, the China Development Bank has committed to expanding the CAD Fund office in Kenya and opening a new office in Nairobi to oversee their operations.
