Infrastructure is getting a boost in Kenya as the Finance Minister Uhuru Kenyatta said the government is devoting sh996.82 billion for projects to increase growth within the East African country. Kenya had planned to sell an international bond after its financial year ends on June 30 to finance more renewable energy projects.
The expenditure total is about 20% more than the amount in the previous year, Reuters reported the Minister as saying. Energy infrastructure projects will receive sh34.1 billion, with sh15.6 billion going toward the national transmission network.
Another sh11.6 billion will be allocated for geothermal projects to go toward the government’s plans to develop 500 MW of additional geothermal capacity over the next four years – already kick started by Japan’s Sh23.4-billion loan announced at the end of March. China followed Japan’s initiative as China’s Export-Import bank said that it will provide Kenya with a Sh7.5-billion loan on concessional terms to fund the drilling of production wells at a planned 140 MW geothermal plant in the Rift Valley.
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