Sharp Daily
No Result
View All Result
Thursday, June 26, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Kenya to receive KES 1.82 trillion in World Bank financing over 3 years

Brian Murimi by Brian Murimi
November 20, 2023
in News
Reading Time: 2 mins read

The World Bank expects to provide Kenya with $12 billion (KES 1.82 trillion) in financing over the next three years to support the country’s development goals, according to a statement released Monday.

The financial package includes an estimated $4.5 billion (KES 683 million) in loans from the World Bank’s International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD).

The IDA and IBRD have committed $8.3 billion to Kenya so far, with $4.4 billion available to disburse, the statement said.

The World Bank Group’s private sector arm, the International Finance Corporation (IFC), also plans to invest around $1 billion in Kenya, while the Multilateral Investment Guarantee Agency (MIGA) could provide $500 million in guarantees.

RELATEDPOSTS

World Bank: Kenya’s growth at risk from debt and poverty

May 26, 2025

Kenya engages World Bank to advance vaccine manufacturing

March 24, 2025

“Over the three fiscal years (FY24-FY26), IDA/IBRD expect to provide an estimated $4.5 billion including fast-disbursing operations,” the statement said.

Kenya faces economic headwinds from the lingering effects of the COVID-19 pandemic, climate shocks like drought, and global financial uncertainty, the World Bank said. The financing is meant to aid Kenya’s goal of becoming an upper-middle income country by 2030.

“Kenya is now accessing about $2 billion (KES 303 billion) in concessional financing each year,” said the World Bank, which called itself one of Kenya’s “strongest partners.”

The World Bank cautioned that the funding estimate is subject to approval of new operations and factors affecting lending capacity. Kenya will have to continue economic reforms under its existing IMF loan program to access the money.

The announcement comes days after the International Monetary Fund said it would increase financial assistance to Kenya by nearly $1 billion, pending approval, to help the country manage its debt burden.

The IMF said it reached a preliminary agreement with Kenya to augment its $2.34 billion (KES 350 billion) loan program by $938 million (KES 142.8 billlion). The additional funding is critical to help Kenya manage its heavy debt burden and cope with the global economic slowdown, the IMF said.

Previous Post

Alfred Mutua unveils bold plan to revitalize Malindi’s tourism landscape

Next Post

Kenyans to benefit from lower calling rates as CAK caps termination rates

Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

Related Posts

Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025

LATEST STORIES

How Kenyan banks can bridge the cybersecurity talent gap

June 25, 2025

How companies can prevent administration through early intervention

June 25, 2025

How dairy bonuses are becoming a lifeline for Kenyan farmers

June 25, 2025

How dormant assets could be a hidden economic engine

June 25, 2025

Rethinking lifestyle inflation: The quiet investment killer

June 25, 2025

How Kenya can compete with global employment markets

June 24, 2025

Why Athi River deserves your investment

June 24, 2025

Parliament slashes tax on digital asset trades: What this means for investors

June 23, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024