Wednesday, September 19, 2012

Kenya secures 1.32billion loan from Belgium for Ngong Wind Farm

Ngong Hills Wind Farm
Image courtesy of Globalpost.com

The Government of Kenya has secured a Sh1.32billion loan from the Belgian Government and Belgium’s KBC Bank to finance the installation of Wind turbines at the KenGen’s Ngong Hills power plant.
The loan agreement, which was signed on Wednesday by Finance minister Njeru Githae, includes a state-to-state zero interest credit agreement of 6 million Euros and a concessional credit agreement with KBC Bank of Belgium of 6.36 million Euros.
The loan will facilitate expansion of Phase II of the Ngong Hills Wind Turbine Electricity Generation Project as Kenya seeks to utilize renewable and sustainable energy through geothermal, solar and wind power.  
The government has also announced that it will seek another loan from the Spanish government to increase the capacity of the power plant, which is expected to be commissioned in October.

Family Bank modernizes ATMs to Check Fraud
Family Bank has signed a contract with East Africa’s leading card processor Paynet Group to replace its magnetic –stripe ATM cards with Visa EMV chip cards, as it seeks to curb ATM-based fraud.
Paynet Group will also offer M-Pesa cash withdrawals, Visa and MasterCard issuance, bill payments, and prepaid airtime sales at the ATM points for Family Bank.   
The bank has also announced its plans to outsource a range of services, in order to reduce its expansion overhead cost and operation expense.  

Olympia Capital Unveils New CEO
Olympia Capital Holdings has appointed Kenneth Kareithi as the new Chief Executive Officer. Mr. Kareithi will remain the CEO of Mather and Platt Kenya, where Olympia Capital has a 51 percent stake.  
Former CEO Michael Matu will take up the newly created position of Deputy Chairman.

Kenya Airways receives second Embraer
National carrier Kenya Airways has deepened its relationship with the Sky Team Alliance with the arrival of its second fully owned Embraer E-190 in Sky Team livery.
This is the second KQ operated aircraft with the Sky Team livery alongside the B737-700 aircraft already in the Sky Team livery.
For more on KQ acquisition of 2nd Embraer go to http://www.capitalfm.co.ke/business/2012/09/kq-lands-another-new-embraer/  

2 comments:

  1. thanks for sharing.

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