AfDB approves Ksh65.8 billion funding for Kenya
The African Development Bank (AFDB) has approved Ksh65.8 billion ($509 million) in financing to support Kenya’s development priorities.
The African Development Bank (AFDB) has approved Ksh65.8 billion ($509 million) in financing to support Kenya’s development priorities.
In a statement on Monday, February 23, Kiptoo confirmed the approval of the funds and emphasized the strengthening of ties between the two institutions.
“The African Development Bank has extended financing amounting to USD 509 million in support of Kenya’s development priorities, reinforcing our partnership under the current Country Strategy framework,” he said.
Kiptoo revealed that the announcement came during high-level talks held at the National Treasury involving senior AfDB leadership at the start of a key review mission.
“Today at the National Treasury, I held discussions with Mr. Alex Mubiru, Director General for the Regional Development and Business Delivery Office for East Africa at the African Development Bank, at the start of the joint technical mission for the mid term review of the Country Strategy Paper covering the period 2024 to 2028,” he added.
Kiptoo further outlined the sectors set to benefit from the financing, highlighting major projects in health, water, roads, and energy transmission.
“Discussions covered key flagship interventions, including investments in the health sector, water and road infrastructure, transmission networks, and the need to fast track projects through regular portfolio reviews to enhance absorption and impact,” he further said.
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This comes a week after the government announced a renewed push to strengthen its anti-money laundering systems as it seeks to restore international confidence in the country’s financial sector.
In a statement on Monday, February 16, Treasury Principal Secretary Chris Kiptoo outlined the progress made so far and the next steps required for Kenya to meet international standards set by global financial oversight bodies.
“Kenya is accelerating reforms to strengthen its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework to address identified gaps and restore full international confidence in the country’s financial system,” he said.
Kiptoo said discussions had been held to evaluate ongoing efforts and align strategies aimed at meeting international requirements for removal from the monitoring process.
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