World Bank Approves $1.2 Billion (Sh158bn) Funding for Kenya

May 30, 2024, 11:05 PM

The World Bank has approved a $1.2 billion funding package for Kenya aimed at addressing short-term fiscal pressures and promoting sustainable growth. This funding, under the Development Policy Operation (DPO) framework, includes an $850 million IBRD loan, a $300 million IDA credit, and a $50 million IDA grant. The package, equivalent to Sh158 billion, is the first of three planned budget support packages for Kenya, designed to enhance fiscal sustainability and accelerate green policies. President Ruto acknowledged the release of the funds.