× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

Arab Bank loans Kenya Sh870million to finance Oloitokitok water supply

By By JAMES ANYANZWA | September 25th 2013


The Government has received a long-term loan of $10 million (Sh870 million) from the Arab Bank for Economic Development in Africa (BADEA).

The loan will finance the rehabilitation of water supply and sewerage system in Oloitokitok town. The project is part of the Government efforts aimed at expanding water supply and sewerage services to its citizens.

The Government is seeking to increase the proportion of the population accessing clean and safe water and sewerage services by 50 per cent in 2015 and 90 per cent in 2030.

Supply to homes

The loan, which is to be repaid within a period of 30-years, includes a grace period of 10-years and an annual interest rate of one per cent.

National Treasury Principal Secretary Kamau Thugge said Oloitokitok town has experienced an increase in population following the completion of Emali-Oloitokitok road.

This, he said, has increased the demand for clean water and related facilities in the area.

Thugge noted that only 60 per cent of Kenyans have access to improved water supply but sometimes unreliable.

“The Government is committed to promoting investment in basic infrastructure and increasing the supply to homes and businesses throughout Kenya,” he said. “The ultimate goal is to ensure that every Kenyan will have access to clean, safe running water by 2030.”

Thugge was speaking during the signing ceremony of the loan agreement at the Treasury in Nairobi yesterday.

“We envisage that by the year 2030 Kenya will be a middle income industrialised country. To achieve this objective of the strategy we must invest enormous financial resources especially in infrastructure and key sectors of our economy,” he said.

Hola Irrigation

The Arab Bank for Economic Development in Africa (BADEA0 has to-date extended on a cumulative basis an estimated $145.26 million (Sh12.63 billion) to Kenya.

Over the years the projects that have benefitted from the BADEA’s financial assistance include Thika-Garissa road, Wote-Makindu road, Emali-Oloitokitok road and Dundori-Njabini road. Others are Nuno-Modogashe road, Hola Irrigation Scheme, Bura Irrigation Scheme and Kenyatta National Hospital.

Share this story
Banks lock out more than 600,000 loan defaulters
Lenders in Kenya have blacklisted more than 600,000 loan defaulters in the last three years.
Survey: Why 40 pc of workers want to quit their jobs
More than half of 18 to 25 year-olds in the workforce are considering quitting their job. And they are not the only ones.