France, Kenya ink $10 mn agreement

Syndicated from IANS | Published on Wed, Nov 14 2012 1:09 IST | 3 Views | Add comment

France and Kenya have inked an 8.4-million euro (about $10 million) deal to support radio network and coffee development in this African nation.

The agreement comprises a seven-million euro loan for the provision of a digital radio network for Kenya Wildlife Service and a 1.4-million euro grant for coffee development.

"Kenya is the first country in sub-Saharan Africa to receive funding from the new French fund for developing countries, French Trade Minister Nicole Bricq told reporters here.

She added that Kenya will receive 8.4 million euros to fund various projects, Xinhua reported.

Bilateral cooperation entered a new phase when Kenyan Prime Minister Raila Odinga and his French counterpart Michel Rocard signed a political declaration in April 2011.

Bricq said there is an interest rate of less that 1 percent annually under the loan agreement and has a grace period of five years. The repayment period is 20 years.

"However, 70 percent of the bids will be reserved for French companies," he said.

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