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Equity Bank bags Chinese company loans deal

James Mwangi
Equity Group chief executive James Mwangi. FILE PHOTO | NMG 

Equity Group has signed a two-year deal with China National Aero-technology International Engineering Corporation (AVIC-ENG) that opens a credit line for the Chinese firm in Kenya and neighbouring Uganda, Rwanda, South Sudan, Democratic Republic of Congo and Tanzania.

AVIC-ENG is a Chinese firm affiliated to Fortune 500 company Aviation Industry Corporation of China (AVIC).

Equity Group chief executive James Mwangi said during the signing ceremony the deal “signals the confidence and trust in the country, long-term sustainability and strengthens the bilateral relationship between Kenya and China”.

“Our backing and support is because of their track record. Their projects speak for themselves. We recognise the great potential to join forces and leverage synergies for the financial service partnership,” said Mr Mwangi.

AVIC-ENG managing director Gao Bingsheng pointed out the company’s commitment to growing its investments in the country, Uganda, Tanzania, South Sudan, Burundi and Rwanda, where it has set up branches.

“Every year we work on about 15 projects in Kenya worth Sh20 billion and have been able to create employment opportunities for Kenyans. Because of Equity Bank’s presence in East and Central Africa, we have opportunities to collaborate in the wider African market,” said Mr Bingsheng.

AVIC-ENG has worked in Kenya for the last 15 years in building construction such as UAP Towers, KPLC Housing Project and Two Rivers Mall project.

It is also involved in road construction through the Ministry of Infrastructure and has constructed the Jomo Kenyatta International Airport Terminal P2 and P3 and water projects, among others.

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