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Kenya to tap Sh9.3bn AfDB energy funding

A Kenya Power employee inspects a line. FILE PHOTO | NMG
A Kenya Power employee inspects a line. FILE PHOTO | NMG 

Kenya is set to benefit from a JPY 10 billion (about Sh9.3 billion) medium-term bond raised by the African Development Bank (AfDB) to help improve access to energy across Africa.

AfDB announced it had raised the money through a ten-year bond sold to the third-largest life insurer in Japan Dai-ichi Life Insurance Company to help the continent achieve universal electricity access by 2025 with a focus on clean and renewable energy solutions.

“As part of this effort, “Kenya’s Last Mile Connectivity Program II”, an energy project that provides access to electricity in Kenya, aims to provide power to 1.5 million people mainly from low-income groups and micro-enterprises that improve living standards and support economic growth,” the bank said in a statement.

The second phase of the Last Mile Connectivity Project is expected to cost about Sh18.5 billion.