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World Bank Lends $750 Million to Kenya
The lender will also back a $500 million sustainability-linked loan for reforestation and energy access, with financing costs tied to performance.
- On Tuesday, The World Bank approved a $750 million loan to Kenya to support reforms aimed at enhancing governance and public-finance management, marking the seventh Development Policy Operation since 2018.
- The East African nation's public finances face significant pressure from heavy debt and wide fiscal deficits, prompting The World Bank to structure financing aimed at easing these pressures and attracting private investment.
- Financing for the $750 million package includes a $340 million International Bank for Reconstruction and Development loan and $410 million in highly concessional International Development Association funding, the lender said.
- Separately, The World Bank is backing a roughly $500 million sustainability-linked facility for reforestation and rural electricity access, with interest rates tied to performance targets to reduce borrowing costs.
- Kenya's economy is projected to grow 4.3% in 2026 and about 4.4% over the medium term, while Qimiao Fan, The World Bank division director for Kenya, noted the operation ensures public resources deliver better results.
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World Bank lends $750 million to Kenya
The World Bank approved a $750 million loan to Kenya to support the government’s efforts to bolster the economy by increasing investment. The financing will help Kenya fund a $37 billion budget, a third of which is allocated to servicing the country’s nearly $100 billion debt.The Washington lender praised financial management reforms that William Ruto’s government has undertaken to improve Kenya’s fiscal climate, including an anti-corruption pu…
·New York, United States
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CGTNWorld Bank approves Kenya budget support and sustainability loans
The World Bank said on Tuesday that it had approved a $750 million budget support loan for Kenya and a sustainability-linked facility that will reduce the country's reliance on expensive...
·Dar es Salaam, Tanzania, the United Republic of
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Total News Sources15
Leaning Left5Leaning Right2Center1Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
12%
R 25%
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