Top agency pledges more support to key projects
Road construction works at Mercy Njeri on Nakuru-Marigat road. Ability to raise at least 70 per cent of construction funds is what will determine winners of contracts under the 10,000 kilometres roads annuity programme. PHOTO | FILE |
What you need to know:
- The group also discussed ways of getting involved in agro industry and infrastructure sector.
A multilateral guarantee agency has embarked on a plan to support Kenya’s development projects.
This follows a visit to the country by the vice president of the Multilateral Investment Guarantee Agency (MIGA), Mr Michel Wormser, who met government officials for talks.
Speaking at a Nairobi hotel on Friday, Mr Wormser said MIGA would support Kenya in other sectors.
“We are principally working on the power sector; we have contributed to four independent power production projects and we are able to help Kenya meet some of its development goals,” he said.
He added that these projects are set to generate more jobs.
The group also discussed ways of getting involved in agro industry and infrastructure sector.
In June this year, MIGA insured a non-shareholder loan to independent power producer (IPP) Gulf Power Ltd — one of a series of plants being developed by the government with the support of the World Bank Group.
“Our ongoing support is a strong demonstration of how agencies of the World Bank Group can mobilise significant volumes of private sector investments to provide essential services,” said Mr Wormser.
He arrived in Nairobi after talks in Tanzania and Zambia.
