Kenya Power Receives IFC Loan

Kenya Power has secured a $200 million loan from the World Bank's International Finance Corp. (IFC) to invest in the East African country’s power grid. The company’s chief executive, Joseph Njoroge revealed that the first tranche of the loan be invested in and around Nairobi because "there is compelling and urgent need for electricity network improvement."

"We estimate that implementation of projects to be funded under this financing arrangement will be completed by 2014, thereby bringing the much needed relief to customers such as reduction of outages," he said while signing the deal.

Kenya Power marked a milestone in June of this year, connecting customer number 2 million. The company’s goal is to connect 200,000 new customers to the power grid every year.