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AFD line of credit for Kenyan banks

France’s development bank agreed to provide a 30 million-euro ($43 million) line of credit to two Kenyan banks for lending to businesses that want to invest in renewable energy projects.
Agence Francaise de Developpement’s funds will be available through CF Stanbic Holdings Ltd. and the Co-operative Bank of Kenya, the Kenya Association of Manufacturers said in a statement on its website.

The agency has provided similar funding to Uganda and Tanzania for investment in renewable energy under its “regional technical assistance program,” according to the statement.

The money will be made available to small hydro, wind, biomass, cogeneration and solar power projects as well as energy-efficiency initiatives, especially in the agribusiness and hospitality industries, it said.

Separately, a grant of 2.6 million euros was awarded to the Kenya Association of Manufacturers on April 27 for a two-year program aimed at financing clean energy projects. The French agency contributed 600,000 euros and the EU-Africa Infrastructure Trust Fund a total of 2 million euros, the manufacturing organization said.

Additional information:
News date: 11/05/2011

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