Kenya to Receive $170 Million AfDB Loan for Budgetary Support
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Loading... - Elizabeth Mutua
- 06 Jun 2022
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The loan is meant for budgetary support and agriculture to help the economy recover from the effects of the Covid-19 pandemic and the Russia-Ukraine conflict.
Nnenna Lily Nwabufo, AfDB director-general for East Africa, said the amount Sh11.66billion ($100 million) would go towards budget support to help steer the Kenyan economy back on track amid inflationary pressure while the other $ 70 million will go to support for agriculture.
“We shall provide $100 million budget support to Kenya for this year to help rebuild. There will also another $70million support for fertiliser and seeds since the Russia-Ukraine crisis has heavily affected the agri-based economy.” Nnenna Lily Nwabufo, AfDB director-general for East Africa, as quoted by Business Daily.
The loan is also meant to finance the electricity sector and the public-private-partnership reforms to strengthen the cornerstone utility (Kenya Power), place Kenya on an efficient, green energy path and boost private infrastructure investment.
This comes at a time when Kenya’s debts towards China-funded infrastructure projects have increased by a record KSh 73.48 billion amid an increased clearance of principal sums, placing the country’s debt to China at KSh 1.4 trillion. Read More…
