UK announces Sh1.1 billion for green projects in Kenya

Britain has extended Sh1.1 billion to Kenya to help 10 counties access green finance.

Photo credit: Shutterstock

Britain has extended Sh1.1 billion (£6.6 million) to Kenya to help 10 counties access green finance for funding eco-projects.

The UK government said the money will fund the devolved units to direct investment towards sectors most in need of support including water, healthcare and energy infrastructure.

The 10 are Embu, Kirinyaga, Kisumu, Laikipia, Nairobi, Makueni, Nandi, Taita-Taveta, Vihiga and Wajir.

Britain also disclosed funding an expert analysis to guide the investments.

“These could deliver economic returns whilst meeting the specific needs of local communities,” the advisory said.

“As flooding causes disruption across Kenya, we can clearly see that the countries least responsible for climate change are the worst affected. We admire Kenya’s impressive climate credentials and are proud of our climate partnerships,” said Leigh Stubblefield, the development director at the British High Commission in Nairobi.

According to the British High Commission, the money is meant to kick-start establishment of 50 green investment projects nationwide.

The allocation was guided by the County Green Finance Assessment, which assesses the ability of counties nationwide in funding for green projects. According to the British government, the survey analysed each county based on four criteria: financial performance, credit risk, availability of green investment opportunities, and the their ability to manage green finance.

The report was developed by Agusto & Co Africa’s first and only credit-rating agency for verifying green bonds, projects and assets.

“This was in partnership with the Capital Markets Authority, the Adaptation Consortium, and the Nairobi Securities Exchange. The assessment was completed with the approval of the National Treasury and Economic Planning,” the British government noted.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.