After talks between President William Ruto and Afreximbank officials, Kenya will receive Ksh366 billion in financial support.
Professor Benedict Okey Oramah, President and Chairman of the Board of Directors of Afreximbank, said in a statement released on Monday, November 21 that a portion of the funds will be utilized to construct 100 dams around the country.
The bank is eager to assist Kenya to withstand the unprecedented global economic storms, and Oramah said that the institution was thrilled to announce the financial help.
In addition, he said that some of the money will be used to establish the Kenya Climate Change Adaptation Facility.
One other goal of the investment is to increase the irrigation land area from its present 670,000 acres to 1.4 million acres over the next three years.
Kenya’s interaction with one of Africa’s top development financial institutions, Afreximbank, was lauded by the Head of State, who said that the meeting with his government on November 17 was productive.
The framework of the support is anticipated to be started by a technical team made up of representatives from the Kenyan government and Afreximbank.
Kenya’s manufacturing and value-added industries will get a boost from the Country Program’s funding for the construction and management of industrial parks.
Ruto pointed out.
In addition to its main office in Cairo, Egypt, the financial institution also intends to open a branch in Nairobi.