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

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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.

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