Monday, May 20, 2024
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HomeBusinessUK announces funding to unlock 50 green projects in Kenya

UK announces funding to unlock 50 green projects in Kenya

LONDON, England – The UK has announced funding to kick-start the development of 50 green investment projects across Kenya. The funding was guided by the County Green Finance Assessment, which was launched on April 24, 2024, at an event in Nairobi.

The report, funded by the UK, assesses the ability of ten counties from across Kenya to access green finance. It will empower counties to direct investment towards sectors in most need of support, which could include water, healthcare, or energy infrastructure. These could deliver economic returns whilst meeting the specific needs of local communities.

The uplift in funding from £3.1M to £6.6M will mostly support Kenyan counties to develop these fifty projects and secure financing to make them a reality. These green investments could also create jobs and grow local economies, whilst simultaneously protecting Kenya’s incredible biodiversity and unique landscapes.

It will also support the development of new financial solutions to increase access to affordable, green, quality, housing – including associated infrastructure and services.

The analysis was produced by Financial Sector Deepening Kenya, an independent trust set up and supported by the UK government to deliver financial solutions to the real-world challenges facing Kenya. They will also provide the support to counties to develop and implement projects.

The County Green Finance Assessment analysed each county based on four criteria including financial performance, credit risk, the availability of green investment opportunities and the counties’ abilities to manage green finance.

The report is an African product for Africa, developed with Africa’s first and only credit-rating agency certified to perform verification of green bonds, projects and assets – Agusto & Co.

They have partnered on the project along with the Capital Markets Authority, the ADA Consortium, and the Nairobi Securities Exchange. The assessment was completed with the approval of The National Treasury and Economic Planning.

The ten counties included are Embu, Kirinyaga, Kisumu, Laikipia, Nairobi, Makueni, Nandi, Taita-Taveta, Vihiga, and Wahir.

FSD Kenya has previous experience in supporting Kenyan counties. They worked together on the County Climate Change Fund (CCCF) mechanism which has already helped counties to allocate more than KES 636 million towards green projects in local communities.

The uplift in funding will also support the development of new financial solutions to increase access to affordable, green, quality, housing – including associated infrastructure and services.

This report supports the UK-Kenya strategic partnership – an ambitious five-year agreement delivering mutual benefits for the UK and Kenya, including job creation and economic growth.

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