Kenya: AfDB raises nearly $90M to improve homes and small businesses’ access to power
(Ecofin Agency) - Kenya should receive from the African Development Bank (AfDD) a Sh9.3 billion facility ($89 million) to access to power in the country.
The funds were raised by selling a 10-year bond to Japan’s third largest life-insurance company, Dai-ichi Life Insurance Company. The operation is one of the priorities of the African institution in a bid to help the continent achieve full access to electricity by 2025, with a particular focus on renewable energies.
Part of the sum mobilized will be invested in the second phase of “Kenya’s Last Mile Connectivity” programme which will provide power to more than 1.5 million low-income households and micro-enterprises.
The first phase of this project was financed by the government of Kenya and AfDB, which provided together Sh13.5 billion ($131 million).
According to estimates, the second phase of the project should cost more than Sh18.5 billion ($179 million). Beside AfDB which has already injected Sh15.4 billion ($150 million) in this phase, the World also backs the project.
Let it be noted that Kenya’s government aims to provide electricity to at least 70% of its households by the end of this year and wants to achieve 100% coverage by 2020.
Fiacre E. Kakpo