A loan facility of 348 billion Kenyan shillings has been approved.
The development strategy is set to aid Kenya flourish in its efforts to boost economic growth sustainably, create more jobs for the youth, improve infrastructure, and devolution in order to fight poverty and manage social diversity.
“While Kenya has grown on average at 4.6 per cent annually over the last decade, poverty and inequality have fallen less dramatically which has prevented many Kenyans from sharing in the benefits of the country’s strong economic performance,” the World Bank said in a statement.
The World Bank’s board of executive directors endorsed the new Country Partnership Strategy for Kenya on 5 June to support the East African state from 2014 to 2018. These efforts are expected to propel the East African nation to new heights.
(WATCH VIDEO: Kenya progresses on growth & poverty reduction)
The bank, in cooperation with the International Finance Co-operation and the Multilateral Investment Guarantee Agency will influence private sectors to create jobs, support investments in electricity and water and improve infrastructure.
“The bank’s new strategy is aligned with the government’s Vision 2030 priorities, which calls for rapid, sustained growth as the key driver in reducing poverty and creating opportunity for all.”
The East African nation has its national long-term development blue-print which aims at creating a globally competitive and prosperous nation with a high quality of life by 2030 to transform Kenya into a newly industrialising, middle-income country providing a high quality of life to all its citizens.
According to Diariétou Gaye, World Bank country director for Kenya, the bank has an opportunity to help the country lift millions of its citizens out of poverty and ensure that they share in the country’s growing prosperity.
The bank has also signed a 10.6 billion Kenyan shillings grant with the Intergovernmental Authority on Development to help member countries improve the livelihoods of their pastoral communities in the regional block.