M a r k e t N e w s

UK to Ensure Sh9.6 Billion Loan for Kenyan Power Line Transmission Improvement

Posted on : Monday , 29th January 2024

Nairobi — The United Kingdom has ensured a Sh9.6 billion credit from the African Improvement Bank (AFDB) to Kenya in climate financing.


This is after the nation was chosen as a beneficiary of the Transmission Network Improvement Project under the Room to Run Sovereign Transaction (R2RS).


British High Commissioner to Kenya Neil Wigan expressed that the assets will be utilized for power transmission network improvement.


"Powering economies requires power for people. We're cooperating with the AfDB and Kenya to convey what Kenyans need: reliable power for dependable financial development all with efficient power energy that safeguards the possibilities of people in the future. The UK and Kenya are going far and going together" he expressed.


"This exchange is one of a few ventures comprising its lending programme through which the African Development Bank satisfies the call by partners at COP27 for MDBs to enhance and increase environment finance through the Multilateral Advancement Banks. The African Development Bank is pleased to collaborate with the UK in this drive and to be at the very front of such turns of developments," asserted African Development Bank VP for Power, Energy, Climate and Green Growth, Kevin Kariuki.


ADB's DG for East Africa Nnenna Nwabufo kept up with that "Kenya is near to achieving electricity access with a high part of renewable energy. This addresses a major milestone in both sustainable development and the fight against climate change."


The project is one of five projects to profit from the opened loaning limit given by R2RS since the arrangement was signed in 2022.

Source : www.blacknz.com
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