M a r k e t N e w s

France lends Kenya sh3 7b for energy production

Posted on : Wednesday, 3rd August 2016

 In a major boost to the country’s efforts to transition from dirty and expensive fossil fuel to clean energy, the wind and solar energy project is expected to reduce the average cost of electricity production by an average of 20 per cent.

French  Foreign Affairs Minister Jean Marc Ayrault, who is on an official visit to Kenya, witnessed the signing of the financing agreement at State House yesterday. The deal was signed by Treasury Cabinet Secretary Henry Rotich and Mr Bruno Deprince, AFD Regional Director for East Africa on behalf on the French government.

Also present was President Uhuru Kenyatta. This new project contributes to the long-term partnership developed between the Kenyan authorities and AFD in the energy sector. The funds will support the installation of renewable energy generation units mainly solar and wind power.  

Since the beginning of its activity in Kenya in early 2000, AFD committed over 800 million euros of loans to the power sector, spread across the entire industry value chain.

“The financing agreement shows France is committed to provide such financial resources and it will increase by two billion euros (Sh220 billion) a year its commitment to the fight against climate change in developing countries,” said Ayrault.— Dominic Omondi


Source : www.standardmedia.co.ke
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