The African Development Bank (AfDB) has approved a Ksh12.3 billion (€73 million) loan to Kenya to support the country’s economic recovery, boost industrial development and competitiveness, and support Kenya’s medium and long-term goals.
The loan will cover the fiscal year 2023/24 fiscal year. The funds will also cushion Kenya from the aftereffects of the pandemic and guarantee economic recovery.
The loan will support the rollout of the electronic procurement system, the Public Finance Management Amendment Bill 2023 to improve the debt management framework, the privatization bill and ownership policy addressing the challenges faced by state-owned enterprises, the social protection policy, and the rollout of the enhanced single registry for Social Protection in 29 counties.
The loan will also support government efforts to promote competitiveness and employment and to support the livelihood of the most vulnerable.
Overall, the AfDB’s loan is a significant boost to President William Ruto’s legacy blueprint and will help Kenya achieve its economic goals.
The AfDB is a multilateral development finance institution that is committed to supporting the economic and social development of Africa. The bank has a long history of cooperation with Kenya and has provided billions of dollars in loans and grants to the country.
The AfDB’s loan to Kenya is the latest in a series of measures that the bank has taken to support the country’s economic recovery. In 2022, the AfDB approved a €89 million loan to Kenya to support the country’s Competitiveness and Economic Recovery Support Program (CERSP). The CERSP is a multi-donor program that is designed to help Kenya recover from the COVID-19 pandemic and achieve its economic goals.
The AfDB is committed to working with Kenya to achieve its economic goals. The bank’s loan to Kenya is a sign of the AfDB’s confidence in the country’s future.