Home Business World Bank pledges Ksh 1.8T support for Kenya over three years

World Bank pledges Ksh 1.8T support for Kenya over three years


The World Bank will consider extending additional Ksh 912 billion ($6b) in support to Kenya over the next three years pushing its total commitment to Ksh 1.82 trillion ($12b).

Through the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), the multilateral lender expects to provide a total of Ksh 684 billon ($4.5b) from 2024 through 2026 as part of its commitment to support Kenya’s ambition to become an upper-middle-income country by 2030.

“IFC will provide roughly $1 billion in investments and MIGA guarantees can amount to around $500 million,” the bank said in a statement.

Of the total commitment, IDA assistance will amount to $3 billion while IBRD assistance will amount to $1.5 billion.

The bank said the additional concessional support will add to already Ksh 668.8 billion or $4.4b IDA/IBRD assistance that is available for disbursement.

International Finance Corporation which is a member of the World Bank has an investment portfolio of Ksh 182.4 billion ($1.2b) while Multilateral Investment Guarantee Agency (MIGA) is also actively engaged with Ksh 64.4 billion ($424m) in guarantees covering the energy, transport, financial, fintech, and tourism sectors, the bank said.

The new financial package is however still subject to approval by the World Bank Executive Board.