Kenya and Italy have formalized an agreement for a 5.5 billion Euro (Ksh750 billion) funding under the Mattei Plan, aimed at supporting Kenya’s climate change initiatives.
The Ministry of Environment announced on Thursday, November 14, that officials from both governments signed the agreement on the sidelines of COP29 in Baku.
Representing Kenya at the event were Environment PS Festus Ng’eno, National Treasury’s Public Debt Management Director General Raphael Otieno, and NEMA DG Mamo Mamo.
According to the ministry, the funding will bolster Kenya’s climate resilience and efforts to reduce greenhouse gas emissions.
The majority of the funds will be sourced from the Italian Government’s National Climate Fund and its development cooperation budget.
“The Mattei Plan, announced late last year, is a new partnership framework between Italy and African nations. It enables funding for projects through grants, credits, or guarantees,” part of the statement read.
“Mattei Plan will support the achievement of Kenya’s ambitious climate goals that include reduction of greenhouse gas emissions and building community resilience to climate change.”
The Mattei Plan aims to support Kenya’s ambitious climate goals, contributing to emission reductions and community resilience.
Kenya joins other African countries, including Morocco, Mozambique, Algeria, DR Congo, Egypt, Ethiopia, Ivory Coast, and Tunisia, in benefiting from similar initiatives under the plan.
