At the Africa Green Industrialization Initiative, Kenya Secures $4.48 Billion in Green Manufacturing Transactions
Posted on : Monday, 4th December 2023
NAIROBI, Kenya has announced the signing of green manufacturing agreements worth USD 4.48 billion during the opening of the Africa Green Industrialisation Initiative (AGII).
President William Ruto presided over the event, which included coordination with the COP28 Presidency (UAE) and several other African states.
The monies, according to Hussein Mohamed, State House Spokesperson, would be awarded to various green manufacturing initiatives across the country, ushering in a new era of sustainable growth.
Kenya formed an unusual alliance with the Australian corporation Fortescue to launch a green fertiliser production project. This USD 1.5 billion venture is expected to generate green ammonia, so helping to environmentally friendly farming practises.
Kenya has signed a historic USD 1 billion agreement with Indonesia and Masdar for a 300MW geothermal project in Suswa. Kenya's dedication to exploiting clean and renewable energy sources for development is exemplified by this effort.
Globeleq has donated USD 110 million towards the development of a 35MW geothermal plant in Menengai, further bolstering Kenya's green energy goals. This expenditure demonstrates the country's commitment to securing clean and reliable energy sources.
The Geothermal Development Corporation and AMEA Power have formalised a USD 800 million collaboration agreement for the ambitious 200MW Paka Geothermal project. This endeavour represents a significant advancement in Kenya's quest of geothermal energy development.
Kenya has joined forces with the United States, Brazil, and India to form a Clean Energy Supply Chain Expansion Initiative, backed by a USD 568 million loan to help poor countries build clean energy infrastructure.
United Green and the Kenya Development Corporation also announced a collaboration on a massive 15,000-hectare sustainable agriculture project.
