22.4 C
Kenya
Thursday, May 26, 2022

Kenya Set to Receive Another Ksh23 Billion Loan From World Bank 

  • Kenya is set to receive another loan worth Ksh23 Billion from the World Bank with talks between the government and the financial entity at an advanced stage.

    Speaking at an event in Nairobi on Monday, February 7, 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.

    He stated that the loan would be used to improve the agricultural sector with the aim of achieving food security which is one of the pillars of President Uhuru Kenyatta’s Big Four Agenda.

    World Bank offices in Washington DC, USA.
    File

    “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,†the economist stated. 

    On his part, Agriculture Cabinet Secretary Peter Munya stated that the money would be channeled to controlling pests that have caused instability in the supply of food of the country.

    He noted that the government had developed a strategy for dealing with the pest menace after desert locusts invaded the country in 2019.

    At the event, the officials launched 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 Kenyatta met with International Finance Corporation (IFC) Managing Director, Makhtar Diop, on February 1 and asked the World Bank to support his Big Four Agenda.

    “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.

    Consequently, Diop stated that the delegation from the World Bank would meet with various stakeholders to ensure that President Kenyatta’s legacy projects are achieved on time.

    s
    Agriculture CS Peter Munya addresses delegates at the National Miraa Scientific Conference held in Nairobi on Wednesday, October 27, 2021
    File
  • Source: KENYAGIST.COM

    Related Articles

    Leave a Reply

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Stay Connected

    0FansLike
    3,333FollowersFollow
    0SubscribersSubscribe
    - Advertisement -spot_img

    Latest Articles

    %d bloggers like this: