UK announces Ksh.1.1B funding for green projects in 10 Kenyan counties
The United Kingdom has announced a £6.6 million (Ksh.1.1
billion) funding towards 50 green investment projects in
Kenya.
According to a Wednesday dispatch from the British High
Commission in Nairobi, the funding was guided by the UK-funded County Green
Finance Assessment launched on Wednesday, which evaluated the ability of 10
counties to access green finance.
These include Embu, Kirinyaga, Kisumu, Laikipia,
Nairobi, Makueni, Nandi, Taita-Taveta, Vihiga, and Wajir.
The new funding marks an increase from £3.1 million (Ksh.520
million) and aims to empower counties to direct investment towards such sectors
as water, healthcare, or energy infrastructure.
“These green investments could also create jobs and grow
local economies, whilst simultaneously protecting Kenya’s incredible
biodiversity and unique landscapes. It will also support the development of new
financial solutions to increase access to affordable, green, quality, housing –
including associated infrastructure and services,” said the British High
Commission.
The County Green Finance Assessment analysed each county
based on financial performance, credit risk, the availability of green
investment opportunities and the counties’ abilities to manage green finance.
“As flooding causes disruption across Kenya, we can see
clearly how the countries that are least responsible for climate change are the
worst affected. We admire Kenya’s impressive climate credentials and are proud
of our climate partnerships,” Leigh Stubblefield, Development Director at the
British High Commission Nairobi, said.
The report is developed with Agusto & Co. in partnership
with the Capital Markets Authority, the ADA Consortium, and the Nairobi
Securities Exchange.
The assessment was completed with the approval of The
National Treasury and Economic Planning,
It supports the UK-Kenya Strategic partnership, an ambitious
five-year agreement towards mutual benefits for the two countries, including
job creation and economic growth.
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