Ruto says the Ksh1.8 trillion World Bank loan will be used to improve the lives of Kenyans.
President William Ruto has committed to using the Sh1.8 trillion loan approved by the World Bank to transform the lives of Kenyans.
The Head of state specifically indicated that the funds would be used to tame inflation which had seen the cost of living increase.
In a statement after the World Bank approved the loan, Ruto said Kenya is grateful for the development.
The President said the approval means Kenya will be able to use the resources to tame the rising cost of living and implement the Bottom Up Economic Transformation Agenda.
“Kenya is indebted to the financial and technical support that the World Bank — and the International Monetary Fund — continue to extend to us. We are especially grateful to the Institutions for their latest assistance — KSh1.8 Trillion and KSh687 Billion, respectively — which will rebuild our buffers, and tame inflation and debt vulnerabilities,” President Ruto said.
“This support will help Kenya withstand shocks, accelerate the Bottom-Up Economic Transformation Agenda, and advance our long-term, robust, and inclusive growth.”
The President, who is in France for the G20 Compact with Africa Conference on economic cooperation and promotion of private investment, further noted that he was exploring the use of renewable energy in unlocking jobs for millions of people.
“Africa is ready to create an enabling environment, enact policies, and facilitate investments necessary to unlock resources to meet our own climate commitments and contribute meaningfully to the decarbonization of the global economy,” he added.
“Africa has enough natural resources to underwrite a new chapter in clean energy for the continent and the world.”
Kenya will receive financing of up to $12 billion (Sh1.8 trillion) from the World Bank Group over a period of three years.
The International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) commitments stand at $8.3 billion (Sh1.24 trillion), with $4.4 (Sh660 billion) available for disbursement.
IDA and IBRD are part of the five institutions of the Bank.
They are expected to provide an estimated $4.5 billion (Sh675 billion) including fast-disbursing operations.