Nairobi — TREASURY has assured Germany that Kenya would ensure that the funds sourced from the European country would be utilized for the intended purposes.
The Cabinet Secretary for National Treasury, Henry Rotich, was speaking during the signing of a loan agreement between him and the German Ambassador to Kenya.
He said that to date, the cumulative total commitment for both financial and technical support extended to this country by Germany amounted to euro 1.5 billion (equivalent to Kshs. 180 billion).
He added that the German Government has also made valuable contribution towards the development of infrastructure particularly in the development of and diversification of the sources of energy and promotion of green energy specifically geothermal and wind energy.
“The development of all these sectors is crucial for the achievement of our Vision 2030,” said Rotich.
Rotich said that the two Governments are at an advanced stage of finalizing the financial and technical bilateral cooperation agreements for the period 2014- 2016 which provides a framework for bilateral cooperation.
“The framework defines priority areas which will benefit from the commitment of Euros 233,7 million (equivalent of Ksh 28 billion) offered by your Government in 2013.
"The loan agreement we have just signed today is for a total amount of Euro 80 million which (equivalent to Kshs.9.6 billion). These funds will be utilized in financing the steam field development of Bogoria/Silali Phase 1,” said Rotich.