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The African Export-Import Bank (Afreximbank) said on Thursday it has provided a 40-million-U.S.- dollar loan funding to the Kenya Power to carry out upgrades.

Electricity
Electricity

 

Business24

A statement from Afreximbank said the funds will enable the company to roll out upgrades and implement installations to enhance its transmission and distribution capacity.
“Recognizing the trade enhancing role of power infrastructure and the impact on Kenya’s overall economic development, Afreximbank is very pleased at the opportunity to support Kenya Power’s effort to increase the access of businesses to stable power supply,” Afreximbank president Jean-Louis Ekra said in a statement received in Nairobi.
Kenya Power continues to register steady growth in demand for power in the country with the current actual demand at 1,512 megawatts.
This has been occasioned by the national economic growth especially in the last ten years economic growth and is expected to maintain a similar trend in the coming years.
Kenya Power currently has about 3 million electricity customers which include a milestone achievement of 443,000 connections realized last year.
The company has an ambitious target of connecting one million customer accounts in the subsequent years beginning this financial year ending June
Afreximbank said the facility, part of a 190 million dollar club deal concluded with Standard Chartered Bank London, was aimed at supporting the electricity distributor to finance its general capital expenditure projects throughout Kenya over the next seven years.
“Transactions like this enable us to add value to Africa by leveraging our relationship with other major lenders in order to facilitate the flow of funds into the continent to support the growth of the key sectors of the economy,” Ekra said.
He noted that Kenya Power’s plan to increase access to power in Kenya would have a direct impact on the overall economic development of the region.
Kenya Power is a significant contributor to the East African Power Pool, which seeks to produce the least costly power while increasing its efficiency, availability and reliability as well as developing a regional power market that provides competition.
Kenya to host regional training hub for energy studies. Enditem

 

Source:?Xinhua

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