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Kenya : KENYA POWER in talks with financers to support people get new connections

September 2, 2014

Kenya Power has announced that it has started negotiations with a range of financial organizations to facilitate funding to the potential customers to get new connections.

The Managing Director of Kenya Power Ben Chumo has revealed that firm has already tied up with local banks like National Bank, Jamii Bora bank, Equity bank and its own Stima loan for the providing connections to the new customers.

Addressing the media in Narok town on Saturday, the Kenya Power MD has also said that their decision to assist people with funds will be hugely beneficial for the rural residents as the move will help them access affordable loans to get connections.

Chumo stated, "The financing arrangements at the cost Sh638 million credit facility spearheaded by Kenya power in collaboration with the government and French Development Agency will help to ease connection."

He has disclosed that the company added 443,000 customers in 2013, up from the earlier year s figure of 307,000 new consumers.

The firm's Managing Director revealed, "The government aims to increase electricity access rate to 70 per cent of Kenyans in the next five years.Currently, 32 per cent of Kenyans have access to electricity."

Chumo has further said that the company has set a goal of connecting 1 million new customers with the national grid in the financial year 2014-15.

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Source: TendersInfo (India)

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