The World Bank is supporting Kenya’s efforts to improve the quality of electricity supply for its citizens with a loan of $457.5 million under the lender’s Kenya Electricity Modernisation Project.

The sum includes a credit of $250 million and a guarantee of $200 million from the International Development Association (IDA), as well as a $7.5 million grant from the Strategic Climate Fund-Scaling up Renewable Energy Programme.

“We are making this significant and innovative investment in Kenya’s power sector to expand electricity access to low income households and small businesses as part of the push for shared prosperity,” said Diarietou Gaye, World Bank Country Director for Kenya.

“Modern, reliable electricity will improve the quality of life of Kenyans and underpins enhanced competitiveness of the Kenyan economy,” she added.

Kenya has been working on transforming its power sector by exploiting several means of delivering adequate, yet affordable power to Kenyans. The country is working on solar, nuclear, wind and geothermal power sources; drilling one of the world’s biggest geothermal wells in Olkaria, among others (about 50 wells have been sunk).

According to Kenya’s economic blueprint, the country must generate 15,000MW in the next 20 years if it is to realise its vision 2030. It has a target of 5,000MW to be met by 2016.

The new funding will therefore help the country in achieving its set goals as it continues working towards cementing its place as an investment and industrial hub in the East African region. It will also help it to provide cheap, yet sufficient power supply to millions of Kenyans.