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Thursday, 30 March 2017

Kenya: rural electrification project secures funding

In East Africa, the Kenyan government has approved 6.7 billion ($65 million) towards the country's last mile connectivity project. The loan signed with European Investment Bank (EIB) concerns a multiple scheme electrification project, targeting universal access to electricity for the Kenyan population by 2020, the Standard reported. According to media, the funding is part of a European 'blended' financing package comprising of a Shs10 billion (97 million) loan from the Agence Française de Développement (AfD) and a Shs 3.3 billion ($32 million) grant from the European Union (EU). EIB Vice President Pim van Ballekom, responsible for operations in East Africa, said: “Kenya is increasingly becoming a hub for the region on many levels. "We as a bank must look at this from a very basic point of view, namely that there is a young and growing population with enormous potential, and that you need investments to support that momentum, both directly and indirectly.”

Source: ESI Africa