Dear Mr President, the bell has tolled for coal project

President Uhuru Kenyatta (standing, second from left) witnesses the signing of an agreement between Power China Resources and Gulf Energy for the Lamu coal-fired power plant. PHOTO | PSCU

What you need to know:

  • Coal will become an expensive dirty fuel.
  • But our coal investors have all bases covered in an ironclad 25-year power purchase agreement and guarantee from African Development Bank.
  • They will be laughing all the way to the bank regardless.

President Uhuru Kenyatta returned from China’s "New Silk Road" summit with $3.7 billion loans to finance the standard gauge railway to Kisumu. This brings the Chinese loans for the project close to $9 billion, equal to the total foreign debt that he found when he took office.

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