The World Bank (WB) announced this November that it foresaw 12 billion dollars of support to Kenya over the next three years, which is considered to boost the country’s strained finances. It was announced that Kenya would access about 2 billion USD in concessional financing each year, over three years beginning in July 2024.
The bank said in a statement that it is ‘fully committed to support Kenya in its journey to become an upper-middle-income country by 2030.”
“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 USD over the three years.”
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World Bank Country Director Keith Hansen said the 12 billion USD comprised money Kenya currently had available from the International Development Association, the International Bank for Reconstruction and Development, the International Finance Corporation and the Multilateral Investment Guarantee Agency.
The International Monetary Fund and Kenya reached a staff-level agreement during the month, which gave the IMF instant access to an additional 682 million USD in funding and increased the size of its current lending program by 938 million USD.
