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Friday, September 29, 2023

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World Bank Approves Sh87.5 Billion Aid To Kenya

World Bank has approved Sh87.5 billion (USD750 milllion) Development Policy Operation to Kenya.

The aid will help strengthen fiscal sustainability through reforms that contribute to greater transparency and the fight against corruption in the country.

The DPO is the second in a two-part series of development operations initiated in 2020 that provides low-cost budget financing along with support to key policy and institutional reforms.

World Bank Country Director for Kenya Keith Hansen, lauded the Government for maintaining the momentum to make critical reforms progress despite the disruption caused by the pandemic.

He noted that the World Bank will continue to support the efforts because they are positioning Kenya to sustain its strong economic growth performance and steering it towards inclusive and green development.

Hansen cited the shifting of public procurement to a new electronic platform, which by December 2023, will have five strategically selected ministries, departments, and agencies, procuring all goods and services through the electronic procurement platform.

In the infrastructure sector, measures will create a platform for investments in least-cost, clean power technologies, and enhance the legal and institutional setup for PPPs to attract more private investment.

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