Chase Bank Kenya, AFD open credit line for green energy projects

Chase Bank Kenya and Agence Francaise de Developpement (AFD) have signed a credit line worth KES 1.12 billion (EUR 9.1m/USD 10m) to finance green energy projects in Kenya.

The 12-year 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.

Chase Bank chief executive Paul Njaga noted that “the funds will be available at competitive rates to eligible customers through all Chase Bank branches.

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 first in a series of relationship with five Kenyan banks.

France, through AFD, is a key partner of Kenya in the energy sector and intervenes in all sub-sectors, i.e., generation, transmission, distribution and demand-side management. This additional programme increases its commitment in the energy sector to EUR 670 million.

AFD will also plans to develop this financial scheme in Tanzania and Uganda.

(KES 100 = EUR 0.900 / USD 0.979)

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