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Kenya, Qatar ink deal to establish int'l finance center

Xinhua, April 15, 2015 Adjust font size:

Kenya and Qatar have signed an agreement for the establishment of the Nairobi International Financial Centre (NIFC).

National Treasury Cabinet Secretary Henry Rotich inked the memorandum of understanding (MoU) with the Ministry of Finance of Qatar on the sidelines of the launching of the Chinese yuan Clearing Centre in Doha, Kenya's ministry of foreign affairs said in a statement issued in Nairobi on Wednesday.

"The signing of the MoU with Qatar is to help support the establishment of the NFIC and may also lead to the eventual establishment of a yuan Clearing Centre in Nairobi," the ministry said.

Under the agreement, Qatar will offer assistance to the Kenyan government to implement the plan expected to transform Nairobi into a world-class financial destination. Qatar's Central Bank provided technical assistance to support the establishment of NIFC.

The team of experts from Qatar Financial Authority has been working with officials of the National Treasury since 2012 towards the realization of NIFC which is one of the flagship projects of Vision 2030. The NIFC is expected to be launched in the coming months. Endi