Kenya Gets Funding for Kinangop Power
The African Infrastructure Investment Fund 2 ("AIIF2") and Norfund, the Norwegian Investment Fund for Developing Countries, achieved financial close of the 60.8MW Kinangop Wind Park project in Kenya.
Kinangop Wind Park is the first independent large-scale wind farm in East Africa and a landmark transaction for both the African power sector and the project finance market.
World Bank increases Kenya funding
President Kenyatta said the bank funded public sector projects to the tune of $8.5 billion (Ksh722. 5 billion) and invested another US$4.3 billion (Ksh373.84 billion) to support 23 national and six regional projects to reduce the effects of climate change.
Sh3 Billion Set Aside for Power
About 330,000 customers will benefit from a five year Sh3.3 billion project that will avail credit to clients who require financing for electricity connection.
In the published annual report for 2013, Kenya Power acting managing director and CEO Ben Chumo said 44,000 customers have already benefited from a Sh450 million revolving fund pilot loan facility that was supported by French Development Agency.
Kenya’s economic growth unlikely to hit 5.6 per cent
Kenya’s economy is unlikely to hit the 5.6 per cent economic growth rate in 2013 projected by the government earlier this year. According to the Kenya National Bureau of Statistics (KNBS) the economy posted a 4.4 per cent growth in the third quarter of this year compared to growth rates seen in the previous two quarters.
