The move will see Kenya become a significant shareholder of the financial institution as the country seeks alternative sources of finance for its Chinese capital-driven infrastructural development projects.
Africa50 is an initiative of the African Development Bank and 25 countries across the continent to mobilise funds through public-private financing.
Kenya will double its stake in the pan-African infrastructural investment vehicle Africa50 to Sh10.07 billion ($100m) by end of the year as it seeks to increase public projects.
The move will see Kenya become a significant shareholder of the financial institution as the country seeks alternative sources of finance for its Chinese capital-driven infrastructural development projects.
Africa50 is an initiative of the African Development Bank and 25 countries across the continent to mobilise funds through public-private financing.
President Uhuru Kenyatta said the group has demonstrated its commitment to addressing the country’s annual deficit of about Sh200 billion in the infrastructural sector. Kenya’s move will increase Africa50’s total capital to about Sh88.7 billion ($880m), boosting the investor’s funding capacity.
“I am delighted to note that Africa50 is leading a fresh approach to infrastructural investment, one that merits the support of every government on our continent. Today, I am pleased to announce that Kenya will double its current shareholding in Afriac50, raising its investment to $100 million,” President Kenyatta said on Thursday. Kenya will work more closely with Africa50, he added.
The facility is in talks with the government to partner in expanding Jomo Kenyatta International Airport to increase its cargo handling capacity by 10 per cent from its annual capacity of one million tonnes.
Its priority areas are the energy and transport sectors and is currently supporting development of the Malicounda Power plant in Senegal and Nova Scotia Solar Power plant in Nigeria.
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