President Uhuru Kenyatta today joined other Heads of State and Government in a Gala Dinner hosted by President Xi Jinping of the People’s Republic of China during the Second Belt and Road Forum at the Great Hall of the People in Beijing, China.
A joint statement issued by leaders at the meeting expressed appreciation for the “important opportunities” created by Belt and Road and said it offers “potential for economic and social development.”
Participants included the presidents of the Philippines, Kenya and Egypt, prime ministers of Italy, Greece and Pakistan and other officials from Indonesia, Germany and other countries.
Other governments welcomed the initiative launched in 2013 to increase trade by building ports, railways and other infrastructure across Asia, Africa and the Middle East. But some are struggling to repay Chinese loans, which has fueled complaints about a possible “debt trap.”
Critics also complain too much of the work goes to Chinese state-owned companies and the initiative might lead to corruption and environmental damage.
Yesterday, Kenya’s high expectations of a credit facility from the Chinese Exim Bank to fund the railway project whose construction was to commence in August, were dampened when no such deal was communicated.
Instead, President Kenyatta’s press team talked of Kenya securing to Sh 67.5 billion financing at the ongoing global infrastructure conference organised by Chinese President Xi Jinping.
The PSCU story said President Kenyatta witnessed the signing of two project delivery agreements through concessional financing and Public Private Partnership (PPP).