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EIB withdraws funding for geothermal project in Kenya

Drilling rig at Akiira (Courtesy of MunichRE)
Carlo Cariaga 24 Oct 2019

The EIB has decided to cancel the loan for the development of the Akiira geothermal site in Kenya

Citing concerns over the viability of the project, the European Investment Bank has cancelled a Sh19.5 billion loan for the development of the Akiira geothermal project in Kenya. The firm handling the project is partly owned by Centum Investments.

“The project has been withdrawn from the EIB’s website and the project sponsors have been informed,” according to EIB Deputy Head of Division Joan Manuel Sterlin Balenciaga.

Source: Business Daily Africa