February 21, 2009 -- It is reported that the Emerging Africa Infrastructure Fund is financing the Olkaria III geothermal power project in Kenya and a steel pipe factory called SPA Maghreb Tubes in Algeria.

EAIF said that they will be providing USD 22 million financing for two projects.

Olkaria III is a 48 MW geothermal power plant located in Kenya and the deal is the first privately funded and developed geothermal project.