By Ronald Owili
The World Bank has committed 110 billion shillings to finance development projects in 10 counties in Northern and North Eastern Kenya.
Speaking on the sidelines of the 6th Tokyo International Conference on African Development, World Bank President Jim Yong-Kim said the cash will finance construction of roads as well as agriculture, energy, water and sanitation projects.
The cash would be disbursed within two years subject to approval by the board of the World Bank.
TICAD 6 which ended Sunday could as well be termed successful given the number of deals and memoranda of understanding that were signed between 22 companies from Japan and various African countries.
In total, 73 MoUs were signed during the three day conference targeting to expand development and investment in Africa.
Kenya as the host nation of the conference became a beneficiary of the World Bank financial commitment amounting to 110 billion shillings to support 10 counties in Northern and North Eastern Kenya under the North Eastern Development Initiative.
The counties expected to benefit are Garissa, Isiolo, Mandera, Lamu, Wajir, Marsabit, Tana River, Turkana, Samburu, and West Pokot.
Kim says upon approval by the board of the World Bank, 15 billion shillings would finance energy projects, 30 billion shillings invested in water and sanitation, 20 shillings is for agriculture projects while construction of Isiolo-Mandera road has been earmarked 50 billion shillings.
The World Bank is also keen on working with Kenya to address the refugee crisis.
The World Bank’s current portfolio in Kenya is at 550 billion shillings in size with another 200 billion shillings committed over the last two years, through the international development association resources.