Sun, 03 Dec 2023

NAIROBI, Nov. 20 (Xinhua) -- The World Bank said Monday it expects to provide 12 billion U.S. dollars in support for Kenya in the next three years.

In a statement issued in Nairobi, the capital of Kenya, the World Bank said that it's fully committed to supporting the east African nation in its journey to become an upper-middle-income country by 2030.

It said the World Bank has been one of Kenya's strongest partners and the largest provider of development finance. "Kenya is now accessing about 2 billion dollars in concessional financing each year."

According to the World Bank, International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) commitments together now stand at 8.3 billion dollars, with 4.4 billion dollars available to disburse.

"IFC's investment portfolio is 1.2 billion dollars. MIGA is actively engaged with 424 million dollars in guarantees covering the energy, transport, financial, fintech, and tourism sectors," the World Bank said. IFC refers to the International Finance Corporation, and MIGA, the Multilateral Investment Guarantee Agency.

According to the lender, IDA and IBRD expect to provide an estimated 4.5 billion dollars, including fast-disbursing operations. Out of this amount, it said, 3 billion dollars is estimated from IDA and 1.5 billion dollars from IBRD while IFC will provide roughly 1 billion dollars in investments.

The lender said MIGA guarantees can amount to around 500 million dollars.

"So, subject to the World Bank Executive Directors' approval of new operations, and to factors which may affect the bank's lending capacity, this implies a total financial package of 12 billion dollars over the three years," the World Bank said.

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