World Bank Unveils $12 Billion Loan Package to Propel Kenya’s Economic Ascent

The World Bank Group has announced a substantial $12 billion (Ksh1.8 trillion) loan package for Kenya, slated to be disbursed over the next three years starting from July 2024.

This financial infusion is designed to bolster Kenya’s efforts to achieve its goal of becoming an “upper-middle-income country by 2030.”

As Kenya’s largest single lender, the World Bank has orchestrated the funding through its affiliated funding agencies.

The funds will be deployed as loans and equity investments in Kenyan firms, marking a pivotal moment for the nation grappling with a pressing dollar crisis.

This injection of financial support is poised to play a crucial role in alleviating economic challenges, providing Kenya with the means to navigate its journey towards achieving higher-income status within the next decade.

The loan package underscores the World Bank’s commitment to supporting Kenya’s economic growth and stability during a pivotal period in its development.