Kenya launches committee to aid project funding

KENYA: Kenya, the World Bank and its lending arm, the International Finance Corporation (IFC) has announced the formation of an inter-ministerial committee with to assist renewable energy developers' access funding.

After last month’s cancellation of sovereign guarantees for energy projects by the government, finance minister Uhuru Kenyatta said the committee would help by linking developers with alternative risk underwriters. 

Upcoming projects include Kenya’s biggest wind farm, the 300MW Lake Turkana Wind Power in the northern part of the country, and at least five others whose implementation has been delayed for over six months as a result of funding issues.

Speaking at a at a press conference in Nairobi, Kenyatta said: "We have established an inter-ministerial committee with World Bank and IFC participation to assist investors secure available alternative risk mitigation products."

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