years

US$12M deal signed by Kenya to fund infrastructure to boost trade

Posted on : Tuesday , 24th November 2020

Kenya and the East African trade promotion lobby, TradeMark East Africa, signed an agreement of 1.31 billion shillings (approximately 12 million) to fund regional infrastructure projects to improve trade.

 

National Treasury Cabinet Secretary Ukur Yatani told reporters in Nairobi that the grants will fund infrastructure projects to promote trade and fuel economic development in Kenya, Uganda, Rwanda, Burundi and to a greater extent, in the Democratic Republic of the Congo.

 

"These projects would establish effective boundaries to promote foreign trade, investment, economic development, economic competitiveness and better ties between countries," said Yatani.

 

He said that the funds will be used to duel Magongo Road, which forms an essential connection to transit cargo leaving the port of Mombasa to enter neighboring countries and reduce congestion by increasing road capacity.

 

Yatani noted that part of the grant will be used to develop the Uganda-Kenya border market and that it is planned to accommodate at least 10,000 traders and provide secure all-weather market space, shops, stalls and cold rooms for the development of perishables.

 

The Kenyan official stated that the funds would also be used to finance the Malaba One Stop Border Post along the Kenya-Uganda border, including completion of road works, bridge approaches, improvement of administrative buildings and the provision of utilities and services.

Source : africanews.co.ke

OUR ASSOCIATES

VIEW MORE

EXPOGROUP

Expogroup is a full service exhibition organiser with over eighteen years experience in International.Trade Exhibitions and Events. Our current portfolio includes 20 annual exhibitions from a diverse range of industries being held across the Middle East & Africa.

EXPOGROUP © 1996 - 2024 | Privacy Policy

Find us here

Subscribe Newsletter

Join our mailing list and receive latest news and advice from us in our monthly Newsletter

Yes, I would like to receive Expogroup E-newsletters

Instant Reply