World Bank Approves Sh106 Billion Soft Loan to Kenya

Kenya has yet again been granted a multi-billion loan.

The World Bank has approved a $1 billion (Sh106 billion) soft loan to tyhe Country.

The move is likely to strengthen the country’s dwindling foreign reserve and support weak shilling.

The grant is coming just a week after IMF gave Kenya $739 million (Sh79 billion) Rapid Credit Facility to help the country international cover the balance of payments shortfalls this year.

” WB Board gives full approval to Kenya’s DPO of USD 1Billion. This is the largest DPO we’ve ever received. The fact that World Bank does not provide budget support to countries with weak Macro framework is a testimony of the confidence levels of the bank in our new policy reforms,” Treasury CS Ukur Yatani tweeted.