IFC says may help mobilize USD 100m for sustainable energy in Kenya

(ADPnews) - Sep 28, 2010 - IFC, a member of the World Bank Group, said on Friday it can help mobilize an estimated USD 100 million (EUR 74m) for sustainable energy projects in Kenya over the next five years.

IFC’s Climate Change Investment Programme in Africa (CIPA) is providing advisory services and investments to financial institutions in Kenya, helping them build a market for sustainable and renewable energy projects. CIPA is also focusing on capacity building and raising awareness around sustainable energy investments.

Kenya’s government has identified an immediate market of renewable energy projects worth at least USD 2.5 billion open to private sector investment.

An IFC commissioned study identified a number of sectors in Kenya that could immediately benefit from sustainable and renewable energy projects, including: food and beverages; agribusiness; hotels; cement, healthcare; and infrastructure.
According to the study, a lack of appropriate finance options and weak market integration are the two most serious barriers slowing growth in Kenya’s sustainable energy market.

(USD 1.0 = EUR 0.742)

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