Sharp Daily
No Result
View All Result
Wednesday, October 8, 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

News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025

LATEST STORIES

The economic and environmental gains of Kenya’s LPG shift

October 8, 2025

Equities, Bonds, or Fixed Deposits?

October 7, 2025

Kenya’s Inflation is creeping up, What it means for investors

October 7, 2025

The Role of Micro-Pensions Plans in Kenya

October 3, 2025

Understanding the link between international aid and cooperative finance stability in Sub-Saharan Africa

October 3, 2025

Kenya Pipeline Company IPO

October 3, 2025

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025

Kenya’s Regulated SACCOs Cross Trillion Shilling Mark

October 2, 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