World Bank grants Kenya Ksh45 billion after budget reading
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World Bank grants Kenya Ksh45 billion after budget reading for urban development projects
World Bank grants Kenya Ksh45 billion after budget reading for urban development projects.
On Friday, June 16, Deputy President Rigathi Gachagua revealed that the World Bank had granted Ksh45 billion for government development initiatives.
The funding was authorized hours after Treasury Cabinet Secretary Njuguna Ndung’u presented the Ksh3.6 trillion budget, the DP said at the Future is Urban conference in Nakuru County.
Gachagua detailed that the money would be disbursed to select counties for urban development projects.
He did not specify, though, if the funds were a grant or a loan.
“As we rolled out the first budget of the Kenya Kwanza administration, we received good news from Washington D.C. The World Bank approved approximately Ksh45 billion to support 77 municipalities in 45 counties.
“Two special municipalities in Kakuma and Daadab were also included,” he stated.
On the other hand, he claimed that the money were an acknowledgment for President William Ruto’s affordable housing and slum upgrading initiatives.
Despite criticism from leaders of Azimio la Umoja led by Raila Odinga, he insisted that the government was still committed to carrying out the Housing Fund plan.
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“The irony of the news from Washington D.C. is that as organizations support urban housing and slum upgrading, some people in the country are opposed to the same.
“Now that we have Ksh45 billion from World Bank, what will they do?” he posed.
On his part, Housing Principal Secretary Charles Hinga called for more allocations to counties for urban development projects underlining that the devolved units depended solely on external funding.
“This is an area in the Constitution that needs to be fixed. The Senate allocates money religiously following Schedule Four. Without the World Bank funding then there is no money we are allocating,” he stated.
Schedule Four outlines the functions of the national and county governments.
Apart from the World Bank, the International Monetary Fund (IMF) is also set to Finance the 2023/24 budget to the tune of Ksh57 billion(USD 410 million) in July.
Details of the scheduled funding were revealed during the reading of the Ksh36 trillion budget on June 15 by the Treasury CS.
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