Britain has provided 1.1 billion shillings (£6.6 million) to Kenya to help 10 counties access green finance to fund environmental projects.
The UK government said the money will fund devolved units to direct investment towards sectors most in need of support including water, healthcare and energy infrastructure.
The ten are Embu, Kirinyaga, Kisumu, Laikipia, Nairobi, Makueni, Nandi, Taita Taveta, Vihiga and Wajir.
Britain also revealed funding for expert analysis to guide investments.
“This could generate economic returns while meeting the specific needs of local communities,” the advisory said.
“As floods cause disruption across Kenya, we can clearly see that the countries least responsible for climate change are the most affected. We are impressed by Kenya’s impressive climate credentials and proud,” said Lee Stubblefield, Director of Development at the British High Commission in Nairobi. With our climate partnerships.”
According to the British High Commission, the aim of these funds is to initiate the establishment of 50 green investment projects across the country.
The allocation was guided by the Provincial Green Finance Assessment, which assesses the capacity of provinces nationally in financing green projects. According to the British government, the survey analyzed each county based on four criteria: financial performance, credit risk, availability of green investment opportunities, and its ability to manage green finance.
The report was developed by Africa's first and only credit rating agency Agusto & Co to validate green bonds, projects and assets.
“This was done in partnership with the Capital Markets Authority, the Adjustment Union and the Nairobi Stock Exchange. The British government noted that the assessment was completed with the approval of the Department of National Treasury and Economic Planning.
