[sparkscoffee] Chinese investments no.1
- From: Dry Turtles <dryturtles@xxxxxxxxx>
- To: sparkscoffee@xxxxxxxxxxxxx
- Date: Tue, 20 May 2014 15:04:12 -0700
While the U.S. pisses away the national treasure in godforsaken places on
useless wars
China is making investments for their future.
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China to Finance Railway Line Connecting East African Cities
China agreed to help fund the construction of a railway line linking the
Kenyan port city of Mombasa to Uganda, Rwanda, Burundi and South Sudan.
China Exim Bank will provide 90 percent of the $3.8 billion cost of the
project and Kenya will finance the remainder, according to an e-mailed
statement from the office of the East African nation’s president. The first
part of the line will be a 609-kilometre (378 mile) railway joining Mombasa
with the Kenyan capital, Nairobi.
The planned railway line will be Kenya’s largest post-colonial project and
should “eventually unify all of East Africa,” President Uhuru Kenyatta said
at today’s signing ceremony in Nairobi. Kenya, East Africa’s biggest
economy, has a single-track railway line built by colonial power Britain
shortly after the turn of the 19th century.
“This is indeed a major undertaking that will boost the connectivity and
integration of the East African sub region,” Chinese Premier Li Keqiang
said. China Communications Construction Co. (1800) will be the lead
contractor of the project.
Construction of the first part of the line will start in October and take
42 months to complete, Kenya’s presidency said on its Twitter page.
Kenya’s government will allocate 49 billion shillings ($560 million) for
the project, while additional money will be spent to acquire land and build
an inland container depot in Nairobi, Treasury Secretary Henry Rotich said
in January. He said at the time the cost of the project would be 448
billion shillings.
Transport ministers of South Sudan, Uganda, Rwanda and Kenya also agreed to
develop and operate a standard gauge railway at today’s event in Nairobi.
Bloomberg News
Scotty
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