Kenya will enjoy Ksh366 billion (USD3 billion) from the African Export-Import Bank (Afreximbank) thanks to talks between President William Ruto and officials from the institution.
In a statement dated Monday, November 21, Prof. Benedict Okey Oramah, President and Chairman of the Board of Directors of Afreximbank, noted that Ksh97 billion of the finances will be used to construct 100 dams across the country.
Oramah further noted that the bank was excited to roll out the financing package aimed at helping Kenya navigate the current unprecedented global economic challenges.
“We had a very good meeting with His Excellency President Ruto and agreed that we needed to reset the relationship between Afreximbank and Kenya.
“President Ruto’s vision and sense of urgency was infectious and we couldn’t help but give him the supoort he deserves,” stated Oramah
He further added that part of the funds would be directed towards the establishment of a Kenya Climate Change Adaptation Facility.
“We are proud to be using Kenya to launch the Afreximbank Climate Change Adaptation Facility under which we plan to disburse over Ksh611 billion (US$5 billion) in the 5 years to 2026 under Afreximbank’s 6th Strategic Plan,” he added.
The expenditure will also be aimed at doubling land area under irrigation from the current 670,000 acres to 1.4 million acres in a span of three years.
The Head of State praised the Afreximbank meeting with his Government, which took place on November 17, noting that it was fruitful and would enable Kenya to interact more with one of Africa’s leading development finance institutions.
“This will allow us to expand our engagement with Afreximbank on several investment areas such as infrastructure, agriculture, commercial irrigation, housing, the creative industry and the MSME ecosystem,” noted Ruto.
A technical team drawn from the Kenyan government and Afreximbank is expected to begin working on the structure of the support.