This archive report was first published on 5 November 2019.
On November 5, 2019, Kenya announced plans to seek additional funding from the African Development Bank (AfDB) to finance the expansion of electricity access by households and businesses under the last mile connectivity project.
AfDB President Akinwumi Adesina made the announcement in Abidjan, Cote d'Ivoire, stating that the bank aims to provide electricity access to at least 105 million people in Africa.
At the 7th General Capital Increase meeting, the AfDB's Board of Governors representing 80 countries, 53 of which are in Africa, endorsed the injection of $115 billion in capital, increasing the lender's general capital from $93 billion to $208 billion.
The AfDB's total portfolio stood at 347.15 billion shillings in 2018, supporting 26 operations in the public sector and 11 in the private sector.
The bank's portfolio is diversified across various sectors, with 27% in energy, 26% in transport, 24.4% in water supply and sanitation, 12.3% in finance, and 6% in agriculture.
The AfDB has committed to supporting the construction and rehabilitation of at least 10,000 km of roads, generating 145MW of renewable power, and constructing 851km transmission lines, 32,814 km distribution lines, and installing 2060 transformers to boost electricity access.
Kenya is among the beneficiaries of a new round of funding targeting the increase of agro-processing and reduction of risk for the private sector to increase lending to youth-led enterprises.
However, AfDB President Adesina cautioned African countries against careless borrowing.
