The World Bank announced on Monday that it plans to provide $12 billion in support for Kenya in the next three years.
The World Bank said in a statement that it is committed to helping the East African nation achieve its goal of becoming an upper-middle-income country by 2030.
The World Bank is Kenya’s strongest partner and the main source of development finance. Kenya receives about $2 billion in concessional financing annually.
The World Bank has committed $8.3 billion from IDA and IBRD, with $4.4 billion ready to disburse. IFC has invested $1.2 billion. MIGA has provided $424 million in guarantees for various sectors.
In the next three fiscal years, the World Bank expects to provide about $4.5 billion, including fast-disbursing operations. This includes $3 billion from IDA and $1.5 billion from IBRD.
“So, subject to the World Bank Executive Directors’ approval of new operations and to factors which may affect the bank’s lending capacity, this implies a total financial package of 12 billion dollars over the three years,” the World Bank said.
