Trending news in kenya today1/8/2024 ![]() Kenya's biggest infrastructure project, a $5 billion railway line connecting Nairobi to the port city of Mombasa, which opened in 2017, was built by a Chinese company with Chinese financing. ![]() "It is not a competition between French companies or Chinese companies to do more." ![]() "There is a part for every investor who wants to participate in Kenya's economic growth," Becht said. "This strategy is a template how Europe can build more resilient connections with the world to tackle the most pressing global challenges," she said.Īn economic powerhouse of east Africa, Kenya is seen by the international community as a reliable and stable democracy in a turbulent region.Ĭurrently, the EU is the largest export destination for Kenyan products, including flowers, and Kenya's third-largest source of imports.įrance's Trade Minister Olivier Becht, who attended the conference, told AFP that his country would contribute 30 million euros ($32 million) for the construction of eight sports facilities in Kenya. Geiger said the new deals are part of the EU's Global Gateway initiative, which seeks to mobilise up to $340 billion to support public and private infrastructure ventures around the world by 2027. The agreements include a $200 million pledge by the European Investment Bank to help the Trade and Development Bank, run by several African states, support companies in eastern and southern Africa affected by the war in Ukraine.Īfrica has become a diplomatic battleground between Russia and the West since the invasion of Ukraine, with the EU also taking steps to counter China's Belt and Road initiative to fund infrastructure projects in developing nations. The deals will unlock "untapped potential to be uncovered and exploited," the EU ambassador to Kenya, Henriette Geiger, said at the start of a two-day business forum in the Kenyan capital Nairobi. Nairobi: The European Union said Tuesday that it would increase its investments in Kenya by hundreds of millions of dollars, looking to bolster ties in the face of competition from China.
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