Kenya ups its stake in infrastructure fund

President Uhuru Kenyatta announced that Kenya will double its shareholding in Africa50, a unique continental platform for funding infrastructure development to Ksh10 billion. [Courtesy]

Kenya plans to double its stake in Africa focused infrastructure fund after they pledged their support for the big four agenda.

President Uhuru Kenyatta on Thursday announced that Kenya will increase its stake in the Africa50 fund which stood at Sh5 billion ($50) at approximately 5.6 per cent stake.

Kenya will now push its capital to 10 billion ($100 million) testing the stake of 24 other African governments, two African central banks and the Africa Development Bank (AfDB) who own the fund.

The Pan-African investment platform has a capital base of Sh89 billion ($890 million) and its Chief Executive Officer Alain Ebobisse urged more African entities including governments to invest more in the Fund.

In March, the Morocco-based Africa50 Mr Ebobisse visited President Kenyatta expressing interest in the Kenyan development agenda as well as exploring ways to participate in improvements of Kenyan airports, and especially the Jomo Kenyatta International Airport (JKIA).

Currently the fund is carrying out projects including Nova Scotia Solar Plant in Nigeria, Benban Solar Plant in Egypt and Malicounda Power Plant in Senegal.

AfDB President Akinwumi Adesina said more investment is good for the continent which has an infrastructure funding gap of as much as Sh10.8 trillion ($108 billion).