The Exim Bank of India has provided Kenya with a loan of $61.6 million for investment in the extension and renovation of the national electricity transmission network, the Financial Times reports.
Kenya Electricity Transmission Company (KETRACO) confirmed today (February 14th) that a portion of the loan would be put into the building of high-voltage transmission lines and substations.
The countries existing network needs upgrading but thanks to this recent round of investment more people will now be able to access electricity.
"The timeframe for the projects is 2011-2013/4. We are also expecting funding from the World Bank, AfDB (Africa Development Bank, AFD (French development agency) and EIB (European Investment Bank," said John Mativo, KETRACO'S head of technical services.
Last month KETRACO signed a $35 million contract with global engineering company Siemens for the extension of the Rabai and Embakasi substations.
The extensions funded by Siemens will allow for the transmission of power across the high voltage line from Mombasa.