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EN
Kenya Turns To UAE After China Cut Railway Funding
['African Examiner']
South Africa | African Examiner
Kenya Turns To UAE After China Cut Railway Funding(AFRICAN EXAMINER) – President William Ruto said Kenya has started discussions with the United Arab Emirates to secure financing to complete a regional railway after China cut infrastructure funding to the project.
Ruto, who took over in September 2022, has pursued closer ties with the UAE, and Kenya is also finalizing a 1.5 billion dollar commercial loan from the UAE for budget support.
The East African nation and the UAE signed a comprehensive economic partnership agreement on Tuesday, aiming to boost trade volumes by removing barriers, simplifying customs processes and promoting investments.
The UAE is the sixth biggest export market for Kenyan goods and its second biggest source of imports.
The value of the trade stood at 445 billion shillings ($3.44 billion) in 2023, with the UAE buying agricultural products, while Kenya gets petroleum products, machinery and chemicals.
['uganda'
'kenya'
'oil'
'turns'
'trade'
'billion'
'united'
'cut'
'railway'
'funding'
'emirates'
'kenyan'
'uae'
'china']