Afreximbank will provide US$ 800 million in financing for the construction of 100 dams in Kenya, doubling the irrigated area. Kenya intends to double its irrigation field area from 670,000 acres to 1.4 million acres over the next three years. This is intended to increase food production while reducing the country's dependency on rain-fed agriculture.
"We stand ready to kick-start this exciting programme with the Government of Kenya and promote climate smart agriculture in the country. Our Project Preparation and technical teams will work with the Kenya government team on this project to develop a robust model and structure that will attract investors," said Professor Benedict Okey Oramah, President and Chairman of the Board of Directors of Afreximbank.
A large portion of the assistance will go toward establishing a Kenya Climate Change Adaptation Facility. "We are proud to be using Kenya to launch the Afreximbank Climate Change Adaptation Facility under which we plan to disburse over US$5 billion in the 5 years to 2026 under Afreximbank's 6th Strategic Plan," Oramah said.
