(MENAFN- African Press Organization)
The World Bank has been one of Kenya's strongest partners and the largest provider of development finance. Kenya is now accessing about $2 billion in concessional financing each year.
IDA and IBRD commitments together now stand at $8.3 billion, with $4.4 billion available to disburse.
IFC's investment portfolio is $1.2 billion. MIGA is actively engaged with $424 million in guarantees covering the energy, transport, financial, fintech, and tourism sectors.
Looking ahead, the World Bank is fully committed to support Kenya in its journey to become an upper-middle-income country by 2030. Over the three fiscal years (FY24-FY26), IDA/IBRD expect to provide an estimated $4.5 billion including fast-disbursing operations. Out of this amount, $3 billion is estimated from IDA and $1.5 billion from IBRD. IFC will provide roughly $1 billion in investments and MIGA guarantees can amount to around $500 million. So, subject to the World Bank Executive Directors approval of new operations, and to factors which may affect the Bank's lending capacity, this implies a total financial package of $12 billion over the three years.
Distributed by APO Group on behalf of The World Bank Group.
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