Kenya secures loan for energy sector upgrades
3 July 2012
The energy sector in Kenya has been given a significant boost by news of heavy investment from the European Union and France.
It has been revealed that the new investment, worth as much as Sh5.4 billion (€51 million), will finance the Scaling-Up Access to Energy Project, Capital FM reports.
Additionally, the money will be used to support pro-poor projects in rural and urban areas.
"The Scaling-Up Access to Energy Project will accelerate rural electrification in order to promote sustainable development through the scaling up of the StimaLoan Revolving Fund, which will enable many low-income Kenyan households to get access to electricity," explained Njeru Githae, the Kenyan finance minister.
Upgrading the energy sector is a key element of the government's plan to stimulate economic growth.
This comes shortly after it was confirmed that Kenya received a loan of Sh50.4 billion from the World Bank to improve urban services and infrastructure in Nairobi, the capital city.