President William Ruto secured funding for constructing 100 dams after meeting with officials from the African Export-Import Bank (AFRIEXIM).
Speaking to journalists on Friday, November 19, AFRIEXIM president, Benedict Oramah, indicated that the financial institution would disburse Ksh60 billion for the dam projects.
The money was part of the Ksh360 billion the bank pledged to support President Ruto’s agriculture and climate change agendas.
Funding and construction of the dam projects, Oramah stated, would be done under a public-private partnership.
“We will work with Kenya to develop the projects and create structures that attract investors.
“Our bank plans to support, (first), with a facility of Ksh60 billion (USD500 million),” Oramah stated.
The president acknowledged that the country was experiencing adverse effects of drought, but the government’s intervention through the construction of dams would help mitigate the challenge.
“This will double the irrigated area in Kenya and will ensure that there is food production,” the bank president added.
Additionally, part of the Ksh360 billion facility will also see the government implement climate change adaptation programs.
Ruto’s administration intends to put over one million acres of land under irrigation in his pledge to secure food for Kenyans.
The announcement by the bank official came barely two days after Ruto met him at State House Nairobi.
In the Thursday, November 17 meeting, the bank announced plans to set up an office in Nairobi.
“This will allow us to expand our engagement with the bank on several investment areas such as infrastructure, housing, the creative industry and the MSMEs ecosystem,” Ruto detailed.
Source: kENYANS.CO.KE
