World Bank approves US$750 million loan to Kenya to support policy reforms

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World Bank
World Bank

The World Bank on Friday approved 81 billion shillings (about 750 million U.S. dollars) loan in development policy financing to support policy reforms in Kenya.

Keith Hansen, World Bank country director for Kenya, said that the funding will finance the development policy operation which supports measures to improve medium-term fiscal and debt sustainability through greater transparency and efficiency in government spending, building.

“The operation prioritizes reforms in hard-hit sectors, such as healthcare, education, and energy, which have been made urgent by the impacts of the COVID-19 crisis,” Hansen said in a statement.

The lender said that it will support the government’s post-COVID-19 economic recovery strategy, which is designed to mitigate the adverse socio-economic effects of the pandemic and accelerate economic recovery.

Hansen said that the development policy operation will provide for the establishment of an electronic procurement platform for the public sector that seeks to make government purchases of goods and services transparent.

He added that the overall aim is to increase accountability in public spending and reduce opportunities for corruption.

The World Bank official revealed that the financial support will also strengthen public investment management by seeking cost-savings and applying rigorous selection and monitoring and evaluation criteria to all projects. Enditem

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