Kenya secures Sh43.5 billion AfDB loan for economic inclusion and climate resilience

Kenya secures Sh43.5 billion AfDB loan for economic inclusion and climate resilience

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Rachael Mutabasi

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3 weeks agoRead nextOpens a fresh page.

The programme builds on reforms initiated under its first phase and is aligned with Kenya’s Fourth Medium-Term Plan (2023–2027) and Vision 2030, which seeks to transform the country into a newly industrialised middle-income economy by 2030.

Kenya has secured a €293.88 million (Sh43.5 billion) loan from the African Development Bank (AfDB) to support economic reforms, inclusion and green growth.
The financing, approved by the AfDB Group Board of Directors, will fund the second phase of Kenya’s Economic Inclusion and Green Recovery Support Programme (EIGRSP II).
The programme will support reforms in public financial management, fiscal transparency, debt reporting, public procurement and financial integrity.

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It will also promote women’s economic empowerment, micro, small and medium-sized enterprise (MSME) development, job creation and green growth.
“Kenya has demonstrated resilience in navigating a challenging global environment while continuing to pursue important reforms to strengthen its economy and create opportunities for its people,” said Abdoulaye Coulibaly, Director of AfDB Governance Department.
“This operation reflects the Bank’s confidence in Kenya’s reform agenda and our continued commitment to supporting inclusive growth, private-sector development, and climate resilience.”

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The operation was prepared in collaboration with the Kenyan Government and in coordination with development partners, including the International Monetary Fund (IMF) and the World Bank.
AfDB reiterates that the coordinated approach would support Kenya’s efforts to strengthen fiscal sustainability, governance, private-sector development and resilience.
“This operation supports reforms that will strengthen public institutions, improve the efficiency and transparency of public spending, expand opportunities for young people and entrepreneurs, and help build a more resilient and inclusive economy.”
The programme builds on reforms initiated under its first phase and is aligned with Kenya’s Fourth Medium-Term Plan (2023–2027) and Vision 2030, which seeks to transform the country into a newly industrialised middle-income economy by 2030.
Kenya has been a member of the AfDB Group since 1964, with the institution supporting development priorities in infrastructure, energy, agriculture, water and sanitation, private-sector development, regional integration and governance.

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