Thursday, June 21, 2012

World Bank grants Kenya $600 million

On Thursday, World Bank said it would lend Kenya $600 million (Ksh 50 billion) to finance the restoration of Nairobi’s infrastructure and improve the water and sewer systems in major towns.
Through an emailed statement from its Country Director Johannes Zutt, World Bank will give $330 million (Ksh 25.2 billion) to the Nairobi Metropolitan Services Improvement Project (NAMSIP) directed to improve infrastructure.
An additional $300 million (Ksh 21 billion) has been lent to improve water and sanitation services in Nairobi and other major towns and also to mitigate drought.
The projects are targeted to keep up with the rapid rural-urban migration being experienced in the capital. The funds will be used to upgrade the drainage, street lighting, sidewalks, wastewater treatment, and solid waste management in the towns.
Areas within the Nairobi Metropolitan that will benefit include Thika, Ngong, Ongata Rongai, Juja, Ruiru, Mavako, Kangundo, Limuru, Kikuyu and Kitengela.
The two loans have repayment period of 40 years and include a 10-year grace period.

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