The new desk, which is fully staffed with Mandarin-speaking professionals, will offer project and trade financing as well as foreign exchange and hedging, cross-cultural expertise, and access to a global network of experts.
Absa says that this will support growing trade between the two nations.
“The establishment of the China Desk is a response to the increasing demand for financial services and expertise in facilitating trade and investment between Kenya and China,” Absa Bank’s Managing Director and CEO, Abdi Mohamed, said.
“As the trade relations between the two nations continue to flourish, Absa Bank is well-positioned to offer specialized support to businesses and individuals engaging in cross-border transactions,” Mohamed added.
China is one of Kenya’s top trading partners and remains the single leading source of Kenya’s imports, accounting for slightly over a quarter of total imports valued at Sh452.6 billion in 2022, according to the 2023 Economic Survey Report.
On the other hand, Kenya’s exports to China were valued at Sh27.5 billion in 2022 compared to Sh21.9 billion in 2021, representing a 25.8 percent increase.
“Indeed, China has been a critical participant in Kenya’s economic growth and development story over the last two decades, supporting modern infrastructure projects that have laid a solid foundation for Kenya’s long-term economic growth,” Mohamed stated.
“We recognize the immense potential for growth in this area and provide the financial tools and expertise required for businesses to thrive in both markets.”
Mohamed said this on Saturday while attending the Chinese Mid-Autumn Festival.
The Mid-Autumn Festival is an evening celebration when families gather to light lanterns, eat moon cakes, and appreciate the round moon.
On that night, the moon appears to be at its roundest and brightest.
The full moon is a symbol of family reunion, which is why the day is also known as the Festival of Reunion.
