The World Bank approved a $750 million loan to Kenya to support the government’s efforts to bolster the economy by increasing investment.
The financing will help Kenya fund a $37 billion budget, a third of which is allocated to servicing the country’s nearly $100 billion debt.
The Washington lender praised financial management reforms that William Ruto’s government has undertaken to improve Kenya’s fiscal climate, including an anti-corruption push to plug leaks in public finance. But it called for a need to “stay on the path of these reforms to ensure fiscal and debt sustainability.”
The World Bank also approved a long-term partnership strategy with Nigeria, which includes $1.25 billion in financing, in an effort to boost job creation and economic growth.