Kenya will double its contribution to Africa50 to Sh10.07
billion (USD 100m) by the end of the year, as the pan-African
infrastructural investor seeks to increase its support for the
government’s development agenda.
This will increase
Kenya’s share capital from the current Sh5 billion, becoming a
significant shareholder of the financial institution, as the country
seeks increased partnership for its infrastructural development
projects.
President Uhuru Kenyatta said Africa50 has
demonstrated its commitment to helping address 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
(USD 880m), boosting the investor’s funding capacity in infrastructural
projects across Africa.
“I am delighted to note that
the 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 now to USD 100 million,” President
Kenyatta said on Thursday.
He added that the government will work more closely with Africa50 in the country’s infrastructural projects.
Emulate project
The
president also challenged the private sector to emulate Afriac50 and
help governments across the continent to fund infrastructural projects.
Currently,
the pan-African infrastructural investor is in talks with the
government to partner in the expansion of the Jomo Kenyatta
International Airport to increase its cargo handling capacity by 10 per
cent from its annual current capacity of one million tonnes.
Africa50
is an infrastructural investor established by the African Development
Bank (AfDB) and 25 countries across the continent to mobilise funds for
infrastructural projects through public-private financing.
Its
priority areas are 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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