Corporate News
Japan gives Kenya Sh24b geothermal power loan
The Olkaria power generation plant. Geothermal electricity may be the answer to Kenya’s power problems usually caused by the unreliable hydro-generation system. Photo/FILE
Posted Wednesday, March 31 2010 at 00:00
Instead of using the traditional western model in which aid was tied to political and economic reforms, China just sought to puts its imprint as strongly as possible with unconditional aid and infrastructure construction.
Tokyo is targeting infrastructure projects, agribusiness and natural resources, notably oil exploration in Southern Sudan, Uganda and Kenya.
Japan’s Crown Prince Naruhito on his first trip to Sub Saharan Africa was in Kenya early this month after visiting Ghana as part of plans to boost Japanese profile on the continent.
Toyota Tsusho, the carmaker’s trading arm, announced plans to build a $1.5 billion (Sh112 billion) oil pipeline from South Sudan to the Kenyan coast, complete with an oil export terminal.
Mr Kenyatta said he hoped that the stimulus funds amounting to Sh22 billion would be fully released by the end of the financial year in June.
Only Sh4.5 billion has been released so far as lengthy procurement procedures have slowed it.
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