Stanbic Bank Kenya entered intp a partnership deal China Machinery Engineering Corporation (CMEC) Kenya. The deal has seen the lender sign a KSh3 billion bank guarantee that seeks to enable CMEC facilitate construction projects Kenya.
With the partnership, CMEC will henceforth be able to handle projects in energy, waste management and mining.
“With a guarantees book in our Africa operations in excess, Stanbic Bank through Standard Bank has the scale and experience to issue guarantees in Kenya and beyond.” Said Standard Bank Kenya CEO, Charles Mudiwa.
Among the firms who witnessed the signing are Kipeto Energy PLC, GE Africa, Ray Power Limited.
China Machinery Engineering Corporation (CMEC) is a construction and engineering company. It forms one part of the China National Machinery Industry Corporation group of companies. A specialization of CMEC is the construction of power projects in generation, transmission, and distribution.
Earlier this year, CMEC finalized the 102MW Kipeto wind farm as the engineering, procurement and construction contractor.
On the other hand, other projects financed by Stanbic Bank Kenya include the Turkana Wind Power Project, Thika Road, M-KOPA and Kenya’s first Green Bond.
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