World Bank to Unlock $1.2 Billion Financing for Kenya Budget
- Kenya had expected as much as $1.5 billion from the lender
- This is sixth time in five years that Kenya taps the facility
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The World Bank is poised to approve $1.2 billion of budget financing to Kenya before the end of April, unlocking key financing for the East African nation that wants to cut its reliance on commercial debt.
The amount is slightly less than the $1.5 billion that Kenyan authorities had anticipated receiving from the Washington-based lender and follows other disbursements by the International Monetary Fund as well as Trade and Development Bank, a pan-African lender.