Nairobi, Kenya, March 30, 2011 – IFC, a member of the World Bank Group, and the European Investment Bank (EIB) are supporting clean energy investment in Kenya by developing a financing facility to help companies in the manufacturing, agribusiness, and services sectors improve their environmental performance and reduce energy costs.
IFC and the EIB are hosting a one-day workshop on March 30 in Nairobi, bringing together more than 50 experts from the country’s banking, energy, and production sectors to discuss potential clean energy projects, market constraints, and measures to improve investment in clean energy. The structure of the proposed facility will also be discussed at the workshop.
Jean Philippe Prosper, IFC Director for Eastern and Southern Africa, said, “Our long-term goal is to help establish a sustainable commercial lending market for sustainable energy projects in Africa that supports economic growth and protects the environment.”
Plutarchos Sakellaris, EIB Vice President for Africa, said, “The European Investment Bank is committed to ensuring adequate finance is available for renewable energy investment in East Africa. As the world’s largest clean energy investor, the EIB stands ready to ensure both expertise and funding is available for local projects and to enable clean energy to make an important contribution to the regions’ energy needs. We are committed to helping local banks develop a strong pipeline of clean energy projects.”
Under this initiative, IFC and the EIB will offer advisory services to help participating businesses identify appropriate clean energy technologies and other ways to reduce their energy consumption. The proposed facility will provide long-term financing to help companies, especially SMEs, replace equipment and upgrade technology and systems for greater efficiency, increased productivity, cost savings, and emission reductions.
In Kenya, IFC’s Climate Change Investment Program in Africa (CIPA) has been helping financial institutions identify, evaluate, and finance viable renewable energy and energy efficiency projects that reduce greenhouse gas emissions and mitigate climate change since November 2009.
The EIB is committed to supporting energy in Kenya and lent €183 million for large-scale geothermal generation and transmission projects in Kenya's public sector over the last three years. This new initiative aims to support investment in private sector energy projects.
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