UN to Finance 68,000 Electric Vehicles in Kenya, Boosting Green Economy
The United Nations is making a significant investment in Kenya’s green economy ambitions with a $40-50 million financing plan to deploy approximately 68,000 electric two- and three-wheelers across the country. This initiative, spearheaded by the United Nations Development Programme (UNDP), the United Nations Capital Development Fund (UNCDF), and the World Resources Institute (WRI), aims to scale clean transportation solutions and contribute to Kenya’s efforts in reducing emissions and bolstering food security. The project is funded through the Mitigation Action Facility.
Electrifying Kenya’s Transport Sector
The ‘Electrifying Kenya’s Two and Three Wheelers’ initiative is designed to provide affordable financing options to make electric motorcycles and tuk-tuks more accessible. This will be achieved through local banks and leasing companies, which will offer concessional loans, guarantees, and blended finance facilities. The target beneficiaries include riders, delivery operators, and small and medium-sized enterprises (SMEs). The initial phase of the program will focus on Kilifi, Kiambu, and Kajiado counties, with plans for expansion. This project represents a major step towards sustainable transportation in Kenya, particularly for the ubiquitous boda-bodas and tuk-tuks that form a vital part of the country’s transportation network.
This UN-backed initiative signifies a strong commitment to supporting Kenya’s transition towards a green and inclusive economy. By providing access to affordable electric vehicles and promoting sustainable transportation practices, the project promises to significantly reduce emissions, enhance food security, and create new opportunities for economic growth within local communities.
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