President Adesina in Kenya to Support Africa’s Investment Agenda
The President of the African Development Bank, Dr Akinwumi Adesina is in Kenya on a state visit from –19-21 July 2018 to participate in high-level activities aimed at strengthening cooperation with the Kenyan Government and attract more private sector funding
While in the country, he will hold talks with President Uhuru Kenyatta, as well as have a bilateral meeting with Deputy President, William Ruto. President Adesina will also meet with Cabinet Secretaries for Agriculture and Irrigation; Transport and Infrastructure, Housing and Urban Development; Energy; Water and Sanitation; Industrialisation and Enterprise Development; Education; and Health
These sectors fall under the Bank’s priority development areas for Africa’s transformation, commonly known as the High 5s. These are Light up and Power Africa; Feed Africa; Integrate Africa; Industrialise Africa; and Improve the Quality of Life for the People of Africa. They are also aligned to the Government of Kenya’s Big Four development agenda, which are Manufacturing; Food security and production; Affordable housing; and universal healthcare.
President Adesina is also expected to meet with Kenya Private Sector Alliance, where he will reiterate the importance of the sector in helping drive Kenya’s Big Four agenda. A large part of the discussions will focus on the new Bank’s marketplace for bankable projects, the Africa Investment Forum (AIF) – a multi-stakeholder, multi-disciplinary platform dedicated to de-risking projects, advancing them to bankable stages, raising capital and accelerating the financial closure of deals.
In addition, he will attend the Africa50 Shareholders Meeting. Africa 50 is an infrastructure investment platform which focuses on delivering high impact national and regional energy, transport, ICT and water sector projects.
President Adesina is scheduled to visit the Nairobi Outer Ring Road, whose improvement the Bank has supported to the tune of US$ 109 million. The facility has eased traffic congestion on the highway which connects major roads in the city, generating numerous socio-economic benefits. Adesina will tour the Olkaria and Menengai Geothermal Plants, both co-financed by the Bank, Kenya government and other partners. Located in the Rift Valley (about 125 and 180 kilometres respectively), Northwest of Nairobi, the projects seek to address Kenya’s demand for power, as well as diversify sources of power supply by developing its huge geothermal potential.
The African Development Bank’s active projects portfolio in Kenya stands at US$ 3.1 billion, with infrastructure representing 77% (US$ 2.3 billion) of the entire portfolio).