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Economy

IFC seeks local lenders to fund solar projects

Jumoke Jagun-Dokunmu
Eastern Africa Regional Director Jumoke Jagun-Dokunmu. FILE PHOTO | NMG 

The International Finance Corporation (IFC), the World Bank Group's private sector lending arm, will partner with local banks in implementing future off-grid projects to expand solar power coverage to Kenya’s remote areas.

Eastern Africa Regional Director Jumoke Jagun-Dokunmu said lending for the projects in Kenya and other parts of Africa and Asia will be via the local-denominated currency to cushion investments from exchange rate volatility.

“As part of our efforts to build a robust market, we will work with local banks across Africa and Asia to mobilise the local currency lending needed to fuel the market’s next stage of development. Only by crowding in commercial finance at scale can we reach the target of achieving universal electricity access by 2030,” she said.

Speaking at the Sixth Off-Grid Solar Industry Forum in Nairobi President Uhuru Kenyatta pledged the government’s support for off-grid projects.

“Realisation of my government’s Big Four agenda will only be realised if we partner with the private sector to enhance implementation of off-grid solar projects across Kenya,” he said.

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