Kenya Doubles Africa50 infrastructure fund
Kenya will double its contribution to Africa50 to Sh10.07 billion (USD 100m) by the end of the year, as the pan-African infrastructural investor seeks to increase its support for the government’s development agenda.
This will increase Kenya’s share capital from the current Sh5 billion, becoming a significant shareholder of the financial institution, as the country seeks increased partnership for its infrastructural development projects.
President Uhuru Kenyatta said Africa50 has demonstrated its commitment to helping address country’s annual deficit of about Sh200 billion in the infrastructural sector.
Kenya’s move will increase Africa50’s total capital to about Sh88.7 billion (USD 880m), boosting the investor’s funding capacity in infrastructural projects across Africa.
“I am delighted to note that the Africa50 is leading a fresh approach to infrastructural investment, one that merits the support of every government on our continent. Today I am pleased to announce that Kenya will double its current shareholding in Afriac50, raising its investment now to USD 100 million,” President Kenyatta said on Thursday.
He added that the government will work more closely with Africa50 in the country’s infrastructural projects.
The president also challenged the private sector to emulate Afriac50 and help governments across the continent to fund infrastructural projects.
Currently, the pan-African infrastructural investor is in talks with the government to partner in the expansion of the Jomo Kenyatta International Airport to increase its cargo handling capacity by 10 per cent from its annual current capacity of one million tonnes.
Africa50 is an infrastructural investor established by the African Development Bank (AfDB) and 25 countries across the continent to mobilise funds for infrastructural projects through public-private financing.
Its priority areas are energy and transport sectors and is currently supporting development of the Malicounda Power plant in Senegal and Nova Scotia Solar Power plant in Nigeria.