Kenyan firms set for energy investment boost
3 May 2011
Kenyan firms looking for finance for renewable energy projects and investments will be boosted by the news that a new fund has been set up to allow manufacturers easy access to funding.
The deal between Kenya Association of Manufacturers (KAM) and the Agence Francaise De Developpement is reportedly worth about $3.8 million (£2.3 million) in two years.
According to the Xinhua news agency, the money is being loaned under a project known as regional technical assistance program.
The extra funding is expected to be in demand as Kenyan companies seek to save at least 30 per cent of their energy usage through developing new renewable energy projects or upgrading existing infrastructure.
"So far, KAM has been able to successfully conclude energy audits for 100 companies and we have found that those who have implemented efficiency measures recoup their investments in one year," said Sylvester Makaka, the energy advisor at KAM.
It follows news that construction of a wind power project in Kenya will start before the end of the year.