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.