Kenya is set to get a sh2-billion credit line to help shore up its renewable energy projects. The French Development Agency (AFD) has approved the funding to become available by the end of the year for private organizations in the solar, biomass, geothermal, and wind sectors.
Depending on the success of projects through this credit line, the AFD could extend loans to Tanzania and Uganda. Several small renewable energy projects have been set up in Ngong and North Eastern province to generate power for households but AFD says it wants to grow the projects to cover most parts of the country. In addition to France, the Netherlands announced in the beginning of June that it would spend sh200 to create up to 8,000 biogas digesters in the East African country.
The Kenyan government has been searching for ways to accrue more capital for its power generation sector, even planning on selling an international bond after its financial year ends on June 30 to finance more renewable energy projects. The Finance Minister Uhuru Kenyatta also said the government is devoting sh996.82 billion for projects to increase growth within the East African country.
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