Pan-African multilateral infrastructural financier Africa Finance Corporation (AFC) has admitted Kenya as its 15th member.
AFC chief executive Andrew Alli welcomed Kenya’s membership saying it was a critical step to AFC’s strategic positioning to inject funds into infrastructural development in the country.
Other members are Rwanda, Uganda, Cape Verde, Chad, Cote d’Ivoire, Djibouti, Gabon, the Gambia, Ghana, Guinea-Bissau, Guinea, Liberia, Nigeria and Sierra-Leone.
“By improving Kenya’s infrastructure, AFC is making it a regional hub that promotes intra-regional trade links with better transport, telecommunications networks and power supply,” he said.
Mr Alli said AFC will step in to complement ongoing infrastructural developments such as the Standard Gauge Railway thereby helping improve services to Kenyans.
AFC through its flagship joint venture with Harith General Partners has interest in Lake Turkana Wind Farm, set to provide Kenya with 300MW of energy upon completion.
The Pan-African Development Financier has also invested Sh5 billion ($50 million) in ARM Cement, which enabled ARM to expand its foothold across east and into southern Africa.
Mr Alli added that Kenya also enjoyed a Sh2.5 billion loan injection for rehabilitating and expanding the power transmission and distribution networks.
“AFC is perfectly placed to help improve the quality of Kenya’s infrastructure making it a regional hub especially after last month’s completion of the SGR project,” said the statement.
Projects underway include power generation and distribution as well as last mile connectivity.