During an official visit to Kenya, the European Investment Bank (EIB) has pledged new support for projects in the power and transport sectors. Also, at a press conference In Nairobi with Cabinet Secretary for the Treasury Henry K. Rotich, the signature of a connectivity project was announced. The EIB’s three-day programme will include a site visit to the Lake Turkana Wind Park, the largest windfarm in sub-Saharan Africa developed by the private sector, which the EIB helped finance in 2014.At the Treasury the EIB signed the “Last Mile Connectivity” project, which will connect nearly 300.000 Kenyan households (equalling up to 1.5 million Kenyans) to the national electricity grid. The EUR 60 million (Kshs 6.7 billion) EIB loan concerns a multiple scheme electrification project, targeting universal access to electricity for the Kenyan population by 2020. It is part of a European “blended” financing package comprising a EUR 90 million (Kshs 10 billion) loan from the Agence Française de Développement and a EUR 30 million (Kshs 3.3 billion) grant from the European Union. EIB Vice President Pim van Ballekom, responsible for operations in East Africa, commented: “Kenya is increasingly becoming a hub for the region on many levels. We as a bank must look at this from a very basic point of view, namely that there is a young and growing population with enormous potential, and that you need investments to support that momentum, both directly and indirectly.
Source: Military Technologies