Kenya To Benefit From Ksh. 366 B By Afriexim Bank

 

File| Prof. Benedict Okey Oramah, President AfriExim Bank

By Citizen Reporter

Kenya is set to benefit from a $3 billion or roughly Ksh. 360 billion country program from the Afriexim Bank.

This was announced during a meeting between Kenya’s president Dr William Ruto and Prof. Benedict Okey Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank.

A technical team drawn from the Kenyan government and the bank is expected to begin working on the structure of the support that will be anchored on three main pillars.

Part of the support will involve the establishment of a Kenya Climate Change Adaptation facility.

Under this, AfriExim Bank will roll out a $1 billion (Ksh. 120 billion) facility towards building 100 dams to improve irrigation in the country.

“The program is to develop water schemes on private ties, PPE’s basis. The plan of the government is to do 100 mini dams of which the government will provide uptakes,” Oramah said.

“We will be working with them to develop the project and also to create structures which will be able to attract investors and to support it with the facility.”

Kenya plans to put 1.4 million acres of land under irrigation in the next three years.

 “We will be helping them to arrange an amount of $500 million (Ksh. 61 billion) which will double irrigated area in Kenya and also impact significantly food production making sure that food imports are significantly reduced and the employment is created where it most needed in the rural areas,” he added.