World Bank approves $350m Kenya infrastructure finance initiative
A $350 million (€281 million) infrastructure finance package for Kenya has been approved by the World Bank.The Bank's Board of Executive Directors agreed on the Kenya Electricity Expansion project yesterday (May 27th), freeing up finance that will pay for work to improve electricity access to urban and rural images of the country.
World Bank Country Director for Kenya Johannes Zutt praised the nation for its work in improving this aspect of its infrastructure.
"The Bank is supporting these efforts to promote equitable access by Kenyans to modern energy while protecting the environment," he stated.
Other organisations helping finance the initiative include the European Investment Bank and the Japan International Cooperation Agency, as well as the Kenya Power and Lighting Company and the Kenya Electricity Generating Company.
Last month, the Bank had its capital boosted by over $86 billion following a vote by its 186 member countries.
The move marked the first time in two decades that its general capital has been raised.