Share
Kenya to receive $750mn from the World Bank
Kenya is looking to get additional financing from the World Bank to the tune of $750 million. Treasury Cabinet Secretary Prof. Njuguna Ndung’u says the country is battling the worst ever drought witnessed in 40 years.
Wed, 07 Dec 2022 14:49:21 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Kenya seeks $750 million from the World Bank to tackle the severe drought crisis and address pressing challenges such as water scarcity, income inequality, and lack of sanitation.
- Collaboration between the government, private sector, and international partners is crucial in driving economic development, creating job opportunities, and fostering a resilient economy.
- The World Bank Group's commitment to supporting Kenya's development agenda through initiatives focused on empowering small and medium-sized enterprises, enhancing climate resilience in agriculture, and stimulating economic growth is paramount.
Kenya is on the verge of receiving a substantial financial boost from the World Bank to the tune of $750 million, as the country grapples with the most severe drought it has experienced in 40 years. Treasury Cabinet Secretary, Professor Njuguna Ndung’u, highlighted the dire situation the country is facing, citing the impact of the prolonged drought on various aspects of the economy and livelihoods. The scarcity of water resources, lack of access to basic sanitation, and income inequality are pressing issues that continue to plague the nation. The proposed financial package from the World Bank aims to address these challenges and promote sustainable, resilient, and inclusive growth in Kenya.
Professor Ndung’u emphasized the importance of leveraging the private sector to drive economic development and create job opportunities. He underscored the need for a collaborative effort between the government and the private sector to foster an environment conducive to impactful investments. The World Bank Group, through its commitment to the country partnership framework, is gearing up to support Kenya's development agenda and unlock future prospects. Initiatives to empower small and medium-sized enterprises, enhance climate and water resilience in the agriculture sector, and stimulate economic growth are at the forefront of the partnership.
Despite the marked economic resilience demonstrated by Kenya in the face of the COVID-19 pandemic, the current challenges posed by inflation, food insecurity, and extreme drought necessitate immediate intervention. The determination to secure additional financing from the World Bank underscores the government's proactive stance in tackling these pressing issues. The $750 million allocation, though slightly lower than the initial target of a billion dollars, represents a significant step towards addressing the multifaceted challenges confronting the nation.
In light of the prevailing circumstances, the World Bank's assistance will be instrumental in bolstering Kenya's efforts to mitigate the adverse effects of the drought crisis, uplift disadvantaged communities, and pave the way for sustainable development. The collaboration between governmental entities, private sector stakeholders, and international partners signals a concerted approach towards building a more resilient and inclusive economy for Kenya's future.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.