AFD, CBA sign credit line for renewable energy projects in Kenya

Commercial bank of Africa (CBA) and Agence Francaise de Developpement (AFD) this week signed a credit line worth KES 1.12 billion (EUR 9.1m/USD 10m) to finance green energy projects in Kenya.

The facility has been availed to Chase Bank Kenya for onward lending to businesses investing in renewable energy technologies projects (small hydro, biomass, biogas, solar, geothermal) as well as energy efficiency measures.

The credit line also comes with a technical assistance program that will be managed by Kenya Association of Manufacturers. The latter will assist the projects sponsors on feasibility studies and technical support.

The AFD credit line is the second in a series of relationship with five Kenyan banks, announced at the start of November.

This so called "Green Energy Line of Credit" is one of the components of the large regional programme called "SUNREF: Sustainable Use of Natural Resources and Energy Finance" in order to promote financing of renewable energy & energy efficiency projects in East Africa through local banking system.

(KES 100 = EUR 0.900 / USD 0.979)

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