January 15, 2024

African Development Bank headquarters in Abidjan, Ivory Coast. PHOTO | COURTESY

The African Development Bank (AfDB) – one of Kenya’s biggest financiers – will restrict funding infrastructure projects to transport and water, in what it says will prioritize areas with the greatest potential to lift economic productivity.

The shift that will apply from this year to 2028 will see energy projects take a hit given that they are currently the third biggest beneficiaries of the pan-African lender’s portfolio in Kenya infrastructure funding.

The lender says that increased funding to the two sectors will significantly boost Kenya’s job creation agenda given the intense human labour needed to deliver the projects.

The AfDB is the second biggest multilateral lender to Kenya and had 51 ongoing projects as of July last year, currently valued at KES629.7-billion (UA3-billion). UA refers to Unit of Account which the AfDB uses as its currency and which is now equivalent to KES209 920 per unit.

“The bank will adopt a different approach to selectivity, narrowing the broad infrastructure projects to only two sectors, namely transport, and water and sanitation, to enhance productivity and competitiveness, noting that water will involve dams and irrigation that support greater agricultural productivity,” the AfDB says in a review of its Kenya funding programme.

Source: Business Daily

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