Benedict Oramah, president of AFRIEXIM, stated that the financial institution would provide Ksh60 billion for dam projects across the republic of Kenya.
The funds were part of the Ksh360 billion pledged by the bank to support President Ruto’s agriculture and climate change initiatives.
Oramah stated that the dam projects would be funded and built through a public-private partnership.
“Our bank plans to support, (first), with a facility of Ksh60 billion (USD500 million),” said Oramah.
The president acknowledged that the country was suffering from the effects of drought, but that government intervention in the form of dam construction would help mitigate the problem.
“This will double Kenya’s irrigated area and ensure food production,” added Benedict Oramah.
Further, as part of the Ksh360 billion facility, the government will implement climate change adaptation programs.
In order to secure food for Kenyans, Ruto’s administration plans to irrigate over one million acres of land.
The bank official’s announcement came just two days after Ruto met with him at State House Nairobi.
The bank announced plans to open an office in Nairobi at its meeting on Thursday, November 17
President Ruto said the move will allow Kenya to broaden her engagement with the bank on a variety of investment areas such as infrastructure, housing, the creative industry, and the MSMEs ecosystem.
