The Kenyan government has stepped up campaigns to woo Chinese investors so as to benefit from the one billion U.S. dollar China-Africa Development Fund.
A local daily, Saturday Nation, reported that the business scope of the fund mainly includes equity and quasi-equity investment, fund investments, fund management, investment management and consulting services.
"They have declared interest in agriculture, manufacturing, energy, transport, telecommunications as well as oil and gas," Trade minister, Uhuru Kenyatta, told reporters in Nairobi.
"They are also keen on the establishment of an industrial park and free port in Mombasa," he added. Kenyatta said as a technical team from China, whose mission was to establish areas Chinese companies could invest in, concluded a week-long tour in the country on Friday.
The minister said that the China-Africa Development Fund which started with one billion dollars in 2007 would be raised up to three billion dollars in the second phase with an eventual target of five billion dollars.
"We will fight for this to ensure that we get the bulk of this fund," the deputy Prime Minister said.
"There is no portion that is set aside for Kenya but we will fight aggressively to show them we are the best investment destination in Africa," he said.
The China-Africa Development Fund (Cadfund) was formed as a follow up to the 2006 Beijing summit on China - Africa cooperation, where Chinese President Hu Jintao promised to improve Sino-Africa ties.
Source: Xinhua
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