Stanbic Bank Kenya has signed a three billion shillings bank guarantee partnership with Chinese state-owned China Machinery Engineering Corporation (CMEC) Kenya to enable the machinery and engineering group facilitate construction projects Kenya.
The signing, witnessed by Kipeto Energy PLC, GE Africa, Ray Power Limited and Chinese Ambassador Wu Peng sees CMEC targeting to engineer, procure and construct (EPC) as well as operate and maintain (O&M) contracts in energy, waste management and mining in the near future.
China Machinery Engineering Corporation (CMEC), this year finalized the 102MW Kipeto wind farm as the engineering, procurement and construction contractor and is looking into a series of further investments in Kenya.
Speaking at the signing ceremony, Stanbic Bank Kenya Chief Executive Charles Mudiwa said deal marks yet another defining moment for the banks infrastructure financing for Africa’s and Kenya’s economy.
“With a guarantees book in our Africa operations in excess, Stanbic Bank through Standard Bank has the scale and experience to issue guarantees in Kenya and beyond. In choosing the bank as your financial partner and guarantor bank, companies can rest assured that the transactions are in good hands and can therefore trade with confidence,” said Mudiwa.
Stanbic Bank Kenya have been funding projects in line with the bank’s homegrown strategy to contribute to the growth of the Kenyan economy – including offering contractor bank guarantee and financing of Turkana Wind Power Project, Thika Road, M-KOPA and Kenya’s first Green Bond.