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Kenya: World Bank approves $180m KenGen guarantee
The World Bank Group’s (WBG) International Development Association (IDA) on 26 April approved a $180m guarantee for national utility Kenya Electricity Generating Company (KenGen). The guarantee, which will last for 15 years, is intended to support KenGen in raising up to $300m in long-term commercial debt during 2018-19. This will be used to refinance a costly portion of KenGen’s existing debt.KenGen is expected to play a major role in Kenya’s new-build programme and it must reduce its debt service obligations to finance new projects.
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