Kenya to benefit from new fund for smart cities

 With a target capitalization of at least Sh12.7 trillion (€100 million), the funds aim to unlock over Sh500 billion (€4 billion) of final investment in climate smart projects and urban climate innovation globally.

"Filling a gap in available project support, the Gap Fund offers technical and advisory services to assist local leaders in prioritising and preparing climate-smart investments and programs at an early stage, with the goal of accelerating preparation, enhancing quality, and ensuring they are bankable," says EIB.

Core donors to the Gap Fund are Germany at Sh5.7 billion and Luxembourg at Sh1.3 billion.

The initiative was first mooted at the UN Climate Action Summit last year by the Leadership for Urban Climate Investment (LUCI) which promotes financing for ambitious urban climate action until 2025.

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