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Bloomberg
Kenya needs about $85 million annually in the short term for green projects in agriculture, transport and manufacturing, and as much as $888 million annually during the follow-
ing five to 10 years, according to a banking industry lobby.
The financing is needed to counter the effects of rapid climate change that could erase about 2 percent of economic growth if left unch-ecked, according to a Kenya Bankers Association study. East Africa’s biggest eco-nomy plans an inaugural green bond in the first quarter of 2019.
Farming output, which contributed more than 35 percent of gross domestic product in 2017, requires $35.5 million annually in the next two years for climate-smart projects. The amount could rise to $182 million annually in the following five to 10 years, KBA said. Manufacturers need $44 million annually during next couple of years, and $107 million per year in coming decade for renewables, waste management and agro-processing, according to the report.