World Bank expands support for energy sector
What you need to know:
- On Thursday the Multilateral Investment Guarantee Agency announced it had insured a $27.9 million (Sh2.4 billion) loan issued by Standard Bank of South Africa to Gulf Power Limited against war and civil disturbance for 15 years
The World Bank has pledged to provide partial-risk guarantees to private investments in power generation to help secure 2,300 megawatts of electricity for Kenya’s national grid.
The initiative is to be undertaken under the Country Partnership Strategy with Kenya, the bank said last Monday at the launch of its latest CPS report.
“In the last few years, World Bank Group institutions have pooled together path-breaking combinations in terms of financial support for specific private-sector deals that are creating new power supply for the citizens of Kenya.”
On Thursday, the Multilateral Investment Guarantee Agency, an arm of the World Bank Group, announced it had insured a $27.9 million (Sh2.4 billion) loan issued by Standard Bank of South Africa to Gulf Power Limited against war and civil disturbance for 15 years.
Gulf Power is setting up an 80-megawatt thermal power in Athi River, about 20 kilometres from Nairobi. The company has a deal to sell electricity to KenGen for the next 20 years.
