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Home page>PRESS RELEASE>Africa Press Releases>African Development Bank...
AFRICA
AFRICAN DEVELOPMENT BANK AND UNITED KINGDOM (UK) ANNOUNCE KENYA AS THE NEXT
BENEFICIARY OF UNLOCKED CLIMATE FINANCE FROM THE LANDMARK ROOM TO RUN SOVEREIGN
PROGRAM
Africa Press Release
January 19, 2024
RELATED TOPICS
AFRICA
The African Development Bank (www.AfDB.org) and the United Kingdom have
announced the selection of the Transmission Network Improvement Project in Kenya
as a beneficiary project under the Room to Run Sovereign transaction (R2RS)
(https://apo-opa.co/3U3D0CP). This means that up to $59 million of the $116
million total project cost corresponding to the climate mitigation component of
the loan, was made possible through the additional capital unlocked by the UK
Government guarantee.
Approved in 2023, this project complements the ongoing UK Government efforts to
address transmission network capacity limitations, reliability and quality of
electricity supply, and high-power system losses, technical and non-technical,
in Kenya. The project will extend and reinforce the national electricity grid
system, and the Last Mile Connectivity Program of the Bank. Addressing the
transmission system gaps in the country is a prerequisite for achieving
universal electricity access and improving the quality of life of communities
through enhanced socioeconomic development.
Announced at COP26 in November 2021, R2RS is an innovative and highly scalable
balance sheet optimization transaction that is helping the Bank lend more
funding for critical climate change projects. Under R2RS, a $2 billion guarantee
is provided to the Bank by the UK Government ($1.6 billion in cover) and City of
London insurers ($400 million). By assuming a portion of the credit exposure on
a part of the Bank’s sovereign portfolio, R2RS enables the Bank to provide up to
an additional $2 billion of climate finance to Africa by 2027, split between
adaptation and mitigation.
In May last year, the UK and the Bank announced the first two projects that were
enabled by R2RS - an €80 million Egyptian wastewater project and a €37 million
water sanitation project in Senegal. Both focus on water supply and sanitation
and will benefit millions in their respective countries. This project in Kenya
is one of five projects to benefit from the unlocked lending capacity provided
by R2RS since the agreement was signed in 2022. This announcement accompanies
three other beneficiary projects in Tunisia, Benin and Mauritius, bringing the
total finance unlocked by the R2RS to over $400 million.
African Development Bank Vice-President for Power, Energy, Climate and Green
Growth, Kevin Kariuki said, “This transaction is one of several projects
constituting its lending programme through which the African Development Bank
fulfils the call by stakeholders at COP27 for MDBs to innovate and scale up
climate finance through the Multilateral Development Banks. The African
Development Bank is proud to partner with the UK in this initiative and to be at
the forefront of such developments.”
Neil Wigan OBE, High Commissioner to Kenya said: “Powering economies requires
power for people. We’re working together with the AfDB and Kenya to deliver what
Kenyans want and need: reliable power for reliable economic growth – all with
green energy that protects the prospects of future generations. The UK and Kenya
are going far and going together.”
Nnenna Nwabufo, African Development Bank Director General for East Africa added:
“Kenya is close to achieving universal electricity access with a high component
of renewable energy. This represents a major milestone in both sustainable
development and the fight against climate change.”
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Download image: https://apo-opa.co/3S8ssQs
Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
Email: media@afdb.org
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