African Development Bank promises Kenya $500 million loan for infrastructure projects
Tuesday, February 3, 2015
NAIROBI: African Development Bank (AfDB) will loan Kenya Sh45 billion ($500m) this year to finance major infrastructure projects in the country. The African Development Bank Regional Director for Eastern Africa’s Regional Resource Centre Gabriel Negatu said the money would be committed to finance mega projects in various places.
He said the bank is willing to support the Government’s development initiatives with a view to enhancing its economic growth. “The bank’s board of directors recently approved three major infrastructure projects to be undertaken this year in Kenya. They include the Mombasa-Mariakani road, a road from Kitale to the border of Uganda and a new by-pass in Eldoret town,” said Mr Negatu during the opening of the 1st Africa Bitumen/Asphalt Forum 2015 at a Nairobi hotel.