The World Bank announced on Monday that it plans to lend Kenya up to $12 billion, or about Sh1.8 trillion, between 2024 and 2026.
The international financial institution said the total amount was subject to approval by its executive directors and other factors that could affect its lending capacity, arguing that the covid-19 pandemic and droughts have put strain on Kenya’s public finances.
The $12 billion includes funds already available to Kenya from the International Development Association, the International Bank for Reconstruction and Development, the International Finance Corporation, and the Multilateral Investment Guarantee Agency, as well as funds that will be available over the next three years.
The disbursement of the funds, the bank says will depend on directors’ approval of new operations, “and to factors which may affect the Bank’s lending capacity”.
“Looking ahead, the World Bank is fully committed to supporting Kenya in its journey to become an upper-middle-income country by 2030,” reads the statement in part.
This comes just four days after Kenya’s International Monetary Fund, also known as the IMF programme, was replenished, giving Kenya access to up to $938 million, or just under Sh143 billion.