The African Development Bank has approved Ksh65.8 billion ($509 million) in financing to support Kenya’s development priorities.
This move follows a joint technical mission between Chris Kiptoo, the Principal Secretary, National Treasury, and Alex M. Mubiru, Director General for the Regional Development and Business Delivery Office for East Africa at the AfDB, to review progress of the strategy paper.
In a statement on Monday, February 23, Kiptoo confirmed the approval of the funds and emphasized the strengthening of ties between the two institutions.
“The African Development Bank has extended financing amounting to USD 509 million in support of Kenya’s development priorities, reinforcing our partnership under the current Country Strategy framework,” he said.
Kiptoo revealed that the announcement came during high-level talks held at the National Treasury involving senior AfDB leadership at the start of a key review mission.
“Today at the National Treasury, I held discussions with Mr. Alex Mubiru, Director General for the Regional Development and Business Delivery Office for East Africa at the African Development Bank, at the start of the joint technical mission for the mid term review of the Country Strategy Paper covering the period 2024 to 2028,” he added.
Kiptoo further outlined the sectors set to benefit from the financing, highlighting major projects in health, water, roads, and energy transmission.
“Discussions covered key flagship interventions, including investments in the health sector, water and road infrastructure, transmission networks, and the need to fast track projects through regular portfolio reviews to enhance absorption and impact,” he further said.
