African Development Bank Extends Funding for Kenya’s Economic Recovery

Jul 6, 2022 | Announcements, East Africa, Home Page, Kenya, Markets, Snippets

The African Development Bank (AfDB) has approved an additional €89 million in financing to support Kenya's economic recovery and improve the environment for infrastructure development.

The African Development Bank (AfDB) has approved an additional €89 million in financing to support Kenya’s economic recovery and improve the environment for infrastructure development.

African Development Bank funding

As outlined in an AfDB July 2022 press release, this additional tranche of funding aims to support Phase II of Kenya’s Competitiveness and Economic Recovery Support Programme (CERSP), as first approved by the bank in June 2021. 

The Kenya CERSP 

In supporting Kenya’s CERSP, the additional funding from AfDB will be used to:

  • Ensure fiscal balance by strengthening Kenya’s anti-corruption/money laundering and e-procurement frameworks and procedures, as well as effective and adequate oversight of the activities of public enterprises.
  • Promote industrial transformation and effective competition to increase the contribution of the manufacturing sector in line with the government’s “Big Four” agenda, while strengthening the fight against climate change.
  • Promote economic and social inclusion by developing an effective and affordable social protection system and universal health coverage.

“The African Development Bank is happy to continue supporting the Government of Kenya’s reforms agenda that aim to strengthen the war against corruption and sustain inclusive growth while enhancing the environment for infrastructure development which is the backbone of the economy. Reforms that the Bank has supported through Budget Support Operations have enhanced the bankability of large infrastructure projects,” stated Nnenna Nwabufo, the African Development Bank’s Director-General for East Africa. 

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