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The African Development Bank (AfDB) has approved funds worth close to US$1bn for the development of roads and energy and water projects in Kenya over the next five years
The AfDB has already financed several major infrastructural projects including the Thika Superhighway, the upgrade of Outer Ring Road to a dual carriageway and geothermal projects in the Rift Valley.
Gabriel Negatu from the Eastern Africa Resource Centre of AfDB, said, “We will continue to support the government to enhance physical infrastructure to unleash inclusive growth and also develop skills in the emerging labour market for Kenya’s transforming economy.”
According to the bank, investment in energy, transport and water will increase access to affordable and reliable electricity, reduce transport costs and time and enhance access to reliable water supply.
The bank also said it would explore ways of restructuring funds allocated to poorly performing projects or even cancel them, deploying the freed capital to existing or new investments.
Meanwhile, the East African Community (EAC) has signed a US$6.3mn deal with the European Union (EU) to support regional integration.