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Kenya plans to launch an open-ended green energy fund in the next fiscal year to step up generation of environmentally friendly energy.
The Kenyan government is setting up an open-ended fund to help firms and other institutions to generate clean energy and manufacture energy-efficient light bulbs and other appliances.
The fund will lend to viable projects at concessional rates while the second will be a trust fund for training and research in a country that holds huge potential for renewable energy like geothermal, wind and solar.
The loan facility will provide concessional loans through approved commercial banks to companies and other institutes that want to invest in green energy.
Target firms include large electricity consumers like cement makers and other large manufacturers.
The length of the facility is also indefinite, a government official said, adding the government was likely to commit about 2 billion shillings ($26.52 million) into the fund.
"The facility will be financed by the government of Kenya and a consortium of development partners... There is going to be money for that in the budget for the next financial year," Mwau said.
Donors who have already shown interest include the French International Development Agency, Germany's Kfw, World Bank Britain's DFID, and Japan's JICA, he added.
Additional information: Full article by Reuters
News date: 14/01/2010