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World Bank seeks to help Kenya increase energy capital

29 August 2014, 08:08

Nairobi - A senior official from the World Bank's political risk insurance and credit enhancement arm is due in Nairobi on Thursday to seek ways of helping Kenya mobilize capital to finance various energy projects.

A statement from the World Bank said Michel Wormser, Vice President and Chief Operating Officer of the Multilateral Investment Guarantee Agency (MIGA), will during a two-day visit meet with senior government officials and representatives of banks, and other private sector entities.

"Our ongoing support to Kenya's energy sector is a strong demonstration of how the agencies of the World Bank Group can mobilize significant volumes of private sector investment to provide an essential service and be helpful in advancing the country's development agenda," Wormser said ahead of the visit.

The statement said Wormser's visit underscores MIGA's continued support to the country's development goals, especially as Kenya builds its power generation capacity through private sector investment.

He will arrive in Nairobi after talks in Tanzania and Zambia.

In June, MIGA announced its latest support for Kenya's energy sector by insuring a non-shareholder loan to independent power producer (IPP) Gulf Power Limited, one of a series of IPP plants being developed by the government of Kenya and supported by the World Bank Group.

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