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Jan 17, 2021
Date: 15 Jan 2021 Chinese-built infrastructure is expected to fuel East Africa's economic growth in 2021, an analyst said on Jan 13. Judd Murigi, Head of Research, ICEA LION Asset Management, told Xinhua in Nairobi that the bulk of the East African nations experienced an economic contraction in 2020 due to containment measures put in place to curb the spread of the COVID-19 pandemic. "The trade and transport sectors are expected to benefit from the improved infrastructure sponsored by the Chinese and lead the economic recovery of the East African region in 2021," Murigi said during ICEA LION Asset Management 2021 Q1 investor briefing and launch of its money market fund online portal to the retail market. "East African nations have resilience due to the diversified nature of their economy as well as non-reliance on exports of commodities," he noted. The analysts noted that East Africa's mega infrastructure projects which have mostly been funded and constructed by the Chinese have in turn facilitated private sector growth. "As the entire East African region graduates into middle-income status, they will require world-class infrastructure to ensure it can produce competitive products needed by global consumers," he added. Murigi said that Kenya's Standard Gauge Railway(SGR) has had a positive impact on the country's economy by facilitating the flow of imports and exports. Source: China Daily Disclaimer The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting such content (including texts, pictures, photos and diagrams) to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of any content/information (such as texts, pictures, photos and diagrams that infringe on any copyright) received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer for more details.
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