Italy donates Ksh 34B to Kenya for dam construction

Kenya has signed a Ksh 34 billion financing agreement with Italy’s BNP Paribas and Intesa San Paolo banks for the construction of Itare Dam in Kuresoi.

The signing which was witnessed by President Uhuru Kenyatta and Italian Prime Minister Matteo Renzi at State House, Nairobi came after they held bilateral talks.

The funds will cover the whole water project which consists of construction of the dam, a tunnel, raw water treatment of 100,000 cubic meter per day and laying of pipes and will serve over 800,000 people in Kuresoi, Molo, Njoro, Rongai and Nakuru town areas.

Speaking during the bilateral talks that were attended by Foreign Affairs and International Trade Cabinet Secretary Amina Mohamed, President Kenyatta and Prime Minister Renzi agreed to strengthen cooperation between Kenya and Italy in security – especially in the fight against terrorism.

President Kenyatta further welcomed more Italian companies to invest in Kenya saying devolution has opened new investment opportunities in agriculture, infrastructure, energy, mining and manufacturing at the county level.

The two leaders also discussed ways of showcasing Kenya as a preferred tourist destination noting that Italy has vast tourist interests in the Kenyan Coastal region especially Malindi.

The Italian Prime Minister who is in the country on a two-day official visit, was accompanied by Italy’s Deputy Foreign Affairs Minister Mario Giro, International Economic Affairs Adviser Prof. Marco Simoni, ENI Chief Executive Officer Claudio Descalzi and ENEL Green Power Chief Executive Francesco Venturi.

The agreement brings Italy’s total financial assistance to Kenya to Ksh 59.3 billion.