AfDB Lends Kenya $133m For Rural-Targeted Power Project

 Onyedimmakachukwu Economic Development & Policies, Investing

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VENTURES AFRICA – The African Development Bank (AfDB) has approved a $133 million loan to fund a power project that will connect at least 314,200 new customers in Kenya’s rural areas.
The total cost of the project, is estimated at $147 million, with the government contributing $14 million of that.

“This project will increase access to modern reliable and affordable energy supply, which will in turn encourage Kenya’s transition to green growth,” Alex Rugamba, director of the AfDB’s energy, environment and climate change Department, said in a statement.
Poor access to electricity persists in Kenya. Erratic supplies remain top among the major constraints impeding economic growth. Less than 40 percent of Kenya’s more than 40 million people are connected to the country’s electricity grid.
The government says it wants to add 5,000 megawatts (MW) of capacity to the existing 1,664 MW by 2017.