The African Development Bank (AfDB) has approved a 91.3 million U.S. dollar loan to boost Kenya’s economic recovery efforts.
In a statement, the loan will provide funding for the second phase of Kenya’s Competitiveness and Economic Recovery Support Program (CERSP), which was approved in June 2021.
“The African Development Bank is happy to continue supporting the Government of Kenya’s reform agenda that aims to strengthen the war against corruption and sustain inclusive growth while enhancing the environment for infrastructure development, which is the backbone of the economy,” said Nnenna Nwabufo, the African Development Bank’s Director-General for East Africa.
“Reforms that the Bank has supported through Budget Support Operations have enhanced the bankability of large infrastructure projects.”
The Competitiveness and Economic Recovery Support Program is in tandem with similar operations by the World Bank and the International Monetary Fund.
In June, the AfDB said it would lend KSH17.5 billion towards constructing the Nairobi-Nakuru highway, equivalent to 10 per cent of the KSH180 billion required to upgrade the project.
The loan will be given to a consortium led by French infrastructure firm Vinci, which secured a 30-year concession contract in 2019 to build and operate the Nairobi-Nakuru highway.
