The China-Africa Development Fund (CADFund) has signed a memorandum of understanding (MoU) with the Kenyan government to develop 20,000 housing units for civil servants.
Speaking at the launch of a new CADFund office in Nairobi, Kenyan Cabinet Secretary for Transport, Infrastructure and Housing James Macharia said Chinese investments have stimulated economic growth in the east African nation.
“Kenya has witnessed huge Chinese investments in the last decade. The signing of an MoU with China-Africa Development Fund to develop 20,000 housing units for our civil servants is a testimony to our strong partnership,” Macharia said.
Chinese Ambassador to Kenya Liu Xianfa and senior executives from CADFund witnessed the signing of the MoU.
Operated by the China Development Bank (CBD), CADFund’s main tasks include supporting Chinese business and investing in Africa. It has a capital reserve totaling 10 billion U.S. dollars.
So far, CADFund has enlarged its investment portfolio across Africa in areas like agriculture, manufacturing, infrastructure development and industrial parks.
Macharia said Kenya is keen to partner with Chinese financial institutions to modernize transportation infrastructure and develop new residential premises.
“China’s Exim Bank and CADFund have a proven track record in infrastructure development. The setting up of CADFund offices here in Nairobi is very crucial,” Macharia remarked, adding that Kenya will strengthen engagement with the private sector to develop new roads and social amenities.
Chi Jianxin, Chairman of CADFund, said that priority will be given to development of railways, roads, ports and industrial parks in Africa. He revealed that CADFund has invested in 87 projects across 36 African countries.