Kenya, Italian bank sign Sh34b deal for Nakuru water project

Italian Prime Minister Matteo Renzi (right) and University of Nairobi Vice Chancellor Peter Mbithi when Renzi gave a public lecture at the university Tuesday. [PHOTO: BEVERLYNE MUSILI/STANDARD]

NAIROBI: Kenya Tuesday signed a Sh34 billion financing agreement with Italy's BNP Paribas and Intesa San Paolo banks for the construction of Itare Dam in Kuresoi.

The signing of the agreement at State House, Nairobi was witnessed by President Uhuru Kenyatta and Italian Prime Minister Matteo Renzi after they held bilateral talks. The agreement brings Italy's total financial assistance to Kenya to Sh59.3 billion.