Agence Francaise de Developpement (AFD) will hand over a €30-million line of credit to two Kenyan banks to invest in renewable energy projects. The funds will be available through CF Stanbic Holdings Ltd. and the Cooperative Bank of Kenya, according to the Kenya Association of Manufacturers.
The agency has implemented similar programs in Kenya and other African nations. Last April the French financier approved the funding to become available by the end of the year for private organizations in the solar, biomass, geothermal, and wind sectors. Meanwhile in March, the Bank of Africa (BoA) signed a $4.5-million subordinated debt with the AFD to help expand the continent’s private sector. The loan will be repaid in seven years with a two-year moratorium aimed at helping developing markets and sustainability.
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