World Bank approves Sh97.1 billion loan for Kenya, offering budget support amid stalled IMF funding and ongoing fiscal pressures. [Courtesy]
The cash-strapped President William Ruto government received a critical financial lifeline on Monday as the World Bank approved a $750 million (Sh97.1 billion) loan, ending months of uncertainty after multilateral lenders froze disbursements over governance concerns.
The World Bank said in a statement that the financing combines a $340 million (Sh44 billion) loan from the International Bank for Reconstruction and Development and $410 million (Sh53.1 billion) in highly concessional International Development Association financing, including dedicated livelihoods support for refugees and host communities.
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