Kenya to benefit in Sh9.6 billion climate finance loan
Environment & Climate
By
Sharon Wanga
| Jan 24, 2024
Kenya has been selected as a beneficiary of a climate finance loan totaling to $59 million (Sh9.6 billion).
The UK government has pledged its commitment towards the Sh9.64 African Development Bank (AfDB) loan, for the Transmission Network Improvement Project.
The funds will help extend the country’s electricity grid and supply, which will improve reliability of power for Kenyans.
The transmission project announced in November 2021 at COP26 is aimed at helping AfDB lend more funding for critical climate change projects.
The project which was approved in 2023 is set to complement the ongoing UK Government efforts to address reliability and quality of electricity supply, and high-power system losses in Kenya.
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According to AfDB, the project will also extend and reinforce the national electricity grid system, and the Last Mile Connectivity Program, a project of the government.
“This project in Kenya is one of five projects to benefit from the unlocked lending capacity provided by R2RS since the agreement was signed in 2022.”
UK High Commissioner to Kenya Neil Wigan commenting on the development said: “Powering economies requires power for people. We’re working together with the AfDB and Kenya to deliver what Kenyans want and need: reliable power for reliable economic growth.”
Nnenna Nwabufo, African Development Bank Director General for East Africa commended Kenya for the milestone, noting that the country is close to achieving universal electricity access, and bridging the gap in the fight against climate change.