This archive report was first published on 19 November 2019.
On November 19, 2019, Stanbic Bank Kenya signed a KSh3 billion bank guarantee with China Machinery Engineering Corporation (CMEC) to facilitate construction projects in Kenya.
The partnership deal allows CMEC to handle projects in energy, waste management, and mining, expanding its capabilities in the country.
According to Standard Bank Kenya CEO, Charles Mudiwa, "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."
Notable firms that witnessed the signing include Kipeto Energy PLC, GE Africa, and Ray Power Limited.
China Machinery Engineering Corporation (CMEC) is a construction and engineering company specializing in the construction of power projects in generation, transmission, and distribution.
Earlier this year, CMEC finalized the 102MW Kipeto wind farm as the engineering, procurement, and construction contractor.
Stanbic Bank Kenya has also financed other notable projects, including the Turkana Wind Power Project, Thika Road, M-KOPA, and Kenya's first Green Bond.
