The World Bank has announced its board has approved a $750 million credit line for the Kenyan Government. The bank said the facility will be channelled towards the Govt’s “Big Four” agenda which prioritizes agriculture, affordable housing, universal health coverage, and manufacturing.
“The operation will also provide support to the government’s medium-term fiscal consolidation plan by supporting measures to improve revenue mobilization, public expenditure and the prudent management of Kenya’s debt.” World Bank noted in a statement.
“Measures supported by this operation are expected to benefit ordinary Kenyans through better targeting of agricultural subsidies to reach low income farmers, prosecuting those who engage in fraudulent procurement practices, increasing availability of affordable housing, and improving revenue mobilization,”said Felipe Jaramillo, World Bank Country Director for Kenya.
The last time Kenya sought this kind of credit from the World Bank is more than a decade ago, an indication of the country’s deteriorating cash flows.