China Pledges funds for Kenya Infrastructure. (BBC)
Kenya’s infrastructure is expected to see a boost when China releases a $7 million grant. The grant will help finance infrastructure development projects in the country. The President Mr.Kibaki said the grant will be used to develop a second port at Lamu to help the country connect to Ethiopia, Southern Sudan and Rwanda. This move is expected to create more business opportunities and increase the country’s economic growth in a few years to come. The Chinese will also be able to export c oil to Kenya. The railway line from the port of Mombasa to Uganda’s capital will also be renovated.
There is no doubt that building a country’s infrastructure is the best step in growing its economy and increasing growth rates. The continent also benefits from these successes of individual countries. China made mention to offer ten billion to Africa in the form of concessional loans over a period of three years.