The French Development Agency (AFD) has issued grants and loans to the Treasury worth Sh383.7 million (2.2 million Euros) to support the exchequer’s programmes in agriculture and public finance.
The first tranche involves a Sh174.4 million (1 million Euros) grant to elevate services and offer timely support catering to the needs of small and medium enterprises.
The funding is expected to anchor a comprehensive business acceleration programme which includes a series of training seminars, facilitation of experience-sharing initiatives and the promotion of networking between Kenyan and French private companies in the agriculture domain.
The remainder of the funds will be advanced to the Treasury as a loan to support public finance management reforms.
In specific, the funds will be deployed to support the efforts of the exchequer to strengthen public debt management and increase access to climate financing while ensuring more effective coordination with other donors.
The pair of projects will be implemented in collaboration with the French Innovation Cluster (Valorial) and Expertise France respectively.
“Firstly, France is renewing its support to the Kenyan Treasury through its expertise in debt management, a critical area in the current global context. Secondly, we are launching an innovative project which is a concrete illustration of the renewed partnership between Kenya and France in the agricultural sector, which is a key sector for Kenya’s food sovereignty while contributing significantly to job creation,” said French ambassador to Kenya Arnaud Suquet.
“The infusion of French expertise in debt management and green public finance represents emblematic areas of cooperation for both France and Kenya,” added AFD Deputy Director in Kenya Anthea Mannaseh.
AFD implements France’s policy on international development through its financing of non-governmental organisations and the public sector. The agency has over 4,000 projects in the French Overseas Departments and Territories in 115 countries and regions.
