Zhende Medical, a Chinese firm, has announced plans to splash Ksh26.8 billion ($189M) in Kenya’s Tatu City for the production of medical equipment.
The medical facility will be the largest in East Africa helping expand the Chinese investor to expand the portfolio globally.
The facility is set to be commissioned in January 2024. Upon completion, 7000 Kenyans are expected to benefit from direct employment.
It is also expected to help Kenya become a manufacturing hub and boost its export ratio in the region.
“After extensive evaluation of markets and site locations, we have selected Kenya and Tatu City as the base for our global expansion. We are committed to promoting the development of Kenya’s healthcare industry, cultivating local talent, and increasing cooperation between Kenya and multinational companies,” said Lu Jianguo, Chairman of Zhende Medical on the sidelines of the Third Belt and Road Forum for International Cooperation in Beijing.
The firm has secured Ksh 14.9 billion ($100m) from the International Finance Corporation (IFC), the investment arm of the World Bank, in order to expand its operations in the continent.
“I would like to appreciate Zhende Medical for its decision to set up in Kenya and Tatu City. I am highly encouraged by the evidence demonstrated here that the Chinese business community is fully attuned to Kenya’s immense potential as the dynamic and most highly promising destination for investment,” said President William Ruto during the signing of the agreement with Tatu City owner Rendeavour.
The Chinese investor chose Tatu City which is also under development for the construction of the state-of-the-art facility.
“Zhende Medical represents one of the most important foreign direct investments not only in Kenya’s history but in all of Africa,” added Stephen Jennings, Founder and Chief Executive Officer of Rendeavour
