The Standard Chartered has pledged to input Kshs 2 trillion (USD 20 Billion that will finance the Chinese-initiated Belt and Road projects within the market it operates by 2020.
Without revealing the specific amount of money dedicated to Kenya, Kariuki Ngari CEO, Standard Chartered Bank Kenya said that the 20 USD would extend to businesses aligned to the projects in the power, infrastructure, logistics, services, real estate development and financing.
“We are in two-thirds of the market which covers the Belt and Road(Asia, Middle East, Africa). Given the scale and complexity of the Belt and Road initiative, we are ideally placed to help our partners, clients, and local communities to make the most of the initiative,” he noted.
The Bank further revealed that it had issued funding of approximately 60Million USD for the first modern ceramic tile factory in each of the East Africa market which in turn had generated over 3000 job opportunities.
“This is a landmark private Chinese investment in East Africa, and with these local production facilities, East Africa no longer rely on imports for the ceramic tiles,” Mr Kariuki added.
The BRI was proposed by Chinese President Xi in 2013 with the aim of enhancing trade and infrastructure networks connecting Asia with Europe and Africa.
