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Kenya has bright future in economic development: Chinese diplomat

Xinhua | Updated: 2017-06-17 14:14

NAIROBI — China has provided financial support to Kenya because it is confident with Kenya's bright future in economic development, a Chinese diplomat said on Friday.

Guo Ce, economic and commercial counselor at the Chinese Embassy in Kenya, told an investors meeting in Nairobi that Kenya has used Chinese loans to expand economic growth.

"In light of the fact the Kenya's GDP has been increasing by 5 percent to 7 percent in recent years, and its fiscal income will rise by about 10 percent, the Chinese loans to Kenya are not a big problem to Kenya's economy and so I am confident that the debt will be repaid on time," Guo said at the trade and investment forum arranged by Kenya Investment Authority and China's Shenzhen City.

In recent years, China has extended loans to the East African nation to build a number of key infrastructure projects, including the $3.8 billion Standard Gauge Railway which was 90 percent financed by China.

Guo said that China is currently one of the leading sources of loans to Kenya. "The funding has played a significant role in expanding and modernizing Kenya's infrastructure. We provide the financial support to Kenya out of our confidence that Kenya will have a bright future in economic development," he said.

According to the embassy official, Sino-Kenya relations have improved to such an extent that over 50 percent of all infrastructure projects in Kenya have been built by Chinese construction firms.

"This is because Chinese companies have built the largest Chinese highway net and the largest Chinese highspeed railway net in the world, which have enabled them to gain the capacity to design and construct world-class infrastructure projects, " Guo said.

Guo noted that Kenya is an investment hotspot in Africa and has shown its appeal to Chinese firms. China has also emerged as a key source of tourists into Kenya, which has boosted the hospitality sector.

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