Kenya eyes another Ksh.23 billion loan from world Bank
Kenya is now at an advanced stage to get a fresh Ksh.23 billion from the multilateral lender, the World Bank.
World Bank senior agriculture economist, Vinay Vutukru confirmed that there were talks with the government over the new loan that would be issued in 2023.
Talks around the credit are being centred around improving the agricultural sector to achieve food security amid unending drought in most parts of the country.
“We are currently in talks with the government with a view to continue our support to the agriculture sector to enhance food production. However, the funding will start to be expended in 2023 once the current five development cycle is completed,” said Vutukru.
Agriculture Cabinet Secretary Peter Munya said the money would be channeled to controlling pests that have caused instability in the supply of food of the country.
On Monday, Kenyan launched a strategy for dealing with the pest menace after desert locusts invaded the country in 2019.
A five-year plan for the migration of invasive pests and weeds management strategy (2022-2027).
“This ministry with the support of the Food and Agriculture Organisation and the World Bank spearheaded the development of the Strategy for Management of Migratory and Invasive Pests,” the CS stated.
This announcement by the economist comes after President Uhuru Kenyatta met with International Finance Corporation (IFC) Managing Director, Makhtar Diop, on February 1 and asked the World Bank to support Kenya’s private sector.
“We believe there is still a role that you can play in enabling the private sector to participate more in support of our provision of affordable housing, universal healthcare, food security, and manufacturing through Public-Private Partnerships. “Kenya has the potential to accelerate its economic growth and I am confident that with your partnership we can achieve that goal,” Kenyatta stated then.