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Kenya

Kenya commends financial institutions

NAIROBI, Kenya, Jun 23 – President Mwai Kibaki has commended the role played by financial institutions in supporting the Government’s efforts to rekindle the country’s economic growth.

Speaking on Wednesday at his Harambee House office during a meeting with visiting European Investment Bank Vice-President Plutarchos Sakellaris, President Kibaki appreciated the bank’s support for the country’s infrastructural development.

The President noted that the bank has provided a 64 million Euro loan and five million Euro grant for the expansion project of Jomo Kenyatta International Airport.

President Kibaki said the European Investment Bank was also instrumental in providing financial support to Olkaria II extension project that was geared towards increasing electricity generation by KenGen.

Noting that the East African Community Common Market Protocol takes effect from July 1, President Kibaki urged the European Investment Bank to support the country’s small and medium enterprises to fully utilize the opportunities provided by the wider market.

Speaking during the meeting Mr Sakellaris, who is visiting Kenya for the first time, assured President Kibaki that his bank will continue supporting the Government’s infrastructural development, saying good infrastructure is necessary for rapid economic growth.
 
The European Investment Bank Vice-President pointed out that his bank is currently providing financial support to the Kenya Power and Lighting Company and KenGen to upgrade their fibre optic network.

He said his bank is also working with microfinance institutions in the country, like the Kenya Women Finance Trust, to enable them provide affordable credit to Kenyans.

Present were Finance Minister Uhuru Kenyatta, Internal Security Minister Prof George Saitoti and the Head of Public Service and Secretary to the Cabinet Amb. Francis Muthaura.

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