Economics
Kenya Gets $750 Million World Bank Loan, and Eyes Another One
- Talks on a new facility may start by the fourth quarter
- World Bank says debt, deficit reduction must be gradual
Automobiles and tuk-tuk drivers travel alongside pedestrians in Mombasa, Kenya.
Photographer: Luis Tato/BloombergThis article is for subscribers only.
Kenya received a $750 million loan from the World Bank last week and will be starting talks on a new facility as early as the fourth quarter of the year.
The lender has released the funds, that were approved in May, according to Hafez Ghanem, the World Bank’s vice president for Africa. It will help to finance affordable housing, agriculture and other development projects. These are part of the government’s Big Four agenda, which also aim to boost manufacturing and improving health care.