Kenya invests in Iran’s grain silo project

March 5, 2011 - 0:0

TEHRAN - Construction of Iran’s largest grain silo will start today at Imam Khomeini Port Complex, southwest of Iran, as a joint investment by Iranian and Kenyan private sectors.

Over 3 trillion rials (around $300 million) has been invested in the project. The silos will have the capacity to store 20 million tons of grains.
As Iran’s foreign policy attaches significance to enhanced ties with African countries, Iranian Foreign Ministry spokesman voices the country’s readiness to bolster economic cooperation with Kenya.
“Iran is currently offering Kenya a credit facility of $200 million. We can increase the facility to $400 million depending on the credibility of projects the Kenyan government runs,” Ramin Mehmanparast said in the Kenyan capital, Nairobi, last week.
Iran signed protocol agreements with Kenya during an official visit by Iranian President Mahmoud Ahmadinejad to Nairobi in 2009, which provided frameworks for strengthening bilateral cooperation between the two countries.
The Islamic Republic also provided a credit facility of $5 million to Kenya to promote animal health and cooperation.
According to Africa Economic Institute, Kenya’s growing need for energy has encouraged the East African country to promote its ties with Iran, which has oil and nuclear power as alternative power sources.