Chinese bank-financed housing project kicked off in Kenya

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NAIROBI, May 30, (Xinhua) -- The ground-breaking ceremony of a Chinese bank-financed housing project targeting low and middle income people in Kenya was kicked off in Nairobi on Friday.

Financed by the China Development Bank, the project will provide Kenya citizens with about 528 apartments, as well as facilities including shops and school.

According to the Development Financial Cooperation Framework Agreement signed by the Kenyan government and the China Development Bank last December, the bank would operate in accordance with market principles to support Kenya's construction of infrastructure, basic industries and pillars industries.

"After the success of this project," said Zhu Qingdong, senior commissioner of China Development Bank, the bank "would also work with the Government of Kenya and Kenya Development Bank and other relevant financial institutions to support the building of more low-cost housing, so that more low- and mid-income people will benefit."

Yang Zeyun, managing director of the Erdemann Property Limited, said at the ceremony that, as a developer, the company's objective was to help realize the dreams of many Kenyans to own a decent and comfortable dwelling place.

The project, dubbed "Greatwall Apartment ", is scheduled to be finished in June 2009, with each apartment priced at 3 million Kenyan shillings (about 50,000 U.S. Dollars).

The Development Bank of Kenya would provide long-term finance of up to 15 years to the customers.