The World Bank announced on 31 March that it would provide $457.5m to the Kenya Electricity Modernization Project, which aims to extend the distribution network and strengthen Kenya Power’s balance sheet. Allocated as $250m of International Development Association (IDA) credit, an IDA guarantee of $200m and a $7.5m grant from the Strategic Climate Fund, the funding aims to connect 630,000 Kenyans to the grid and to enable Kenya Power to raise around $500m of new commercial debt. “In approving the credit, the executive directors were briefed on recent action taken by the government to improve governance and hold public officers accountable,” the World Bank said.
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