SINOSURE supports investment and financing for vocational education in Africa to promotes China-Africa cultural and people-to-people exchanges
Kenya experienced rapid economic growth over the past few years and has a bigger appetite for the talents of engineering machinery and vocational techniques. However, its manufacturing industry is underdeveloped and most of the mechanical equipment needs to be imported. Compared with the products from European and American countries, the made-in-China products are more cost efficient.
The vocational education program in Kenya was initiated by Chinese enterprises, funded by Chinese policy-oriented banks and SINOSURE, and implemented in a form of engineering mechanical equipment procurement and training with Kenyan youth service team.
SINOSURE is a state-funded and policy-oriented insurance company established and supported by the state to promote China's foreign economic and trade development and cooperation. As an independent legal entity, it provides insurance services for foreign trade and outward investment cooperation, which mainly include the export credit insurance services like medium- and long-term export credit insurance and overseas investment insurance.
So far two sessions of training courses have been completed that were attended by over 20,000 engineers, students and employees in Kenya. The training courses cultivated a large number of excellent technicians of mechanical operation, engineering and construction, and maintenance and repair, with a total contractual amount of USD 260 million.
With insurance services in Africa covering dozens of sectors like railway, highway, electricity and mechanical equipment, SINOSURE plays a significant role in Africa's industrial modernization, agricultural modernization, infrastructure construction, and trade and investment facilitation.
The vocational education program provides Kenya with a huge amount of made-in-China products like engineering machinery, vehicles, agricultural equipment, communication equipment, and IT products as well as vocational education and training to Kenyan engineers, students and employees.
The program has effectively alleviated the local issues of difficult employment and shortage of technicians, making African countries start paying special attention to the planning and development of their own vocational education. Supported by the policy-oriented finance, quite a few African countries show great interest in the program which will probably be popularized in the continent and thus strengthen China-Africa cultural and people-to-people exchanges.