Public Management

World Bank, IMF to grant Kenya $1.6bln in financing by the end of June 2021

World Bank, IMF to grant Kenya $1.6bln in financing by the end of June 2021
Tuesday, 01 June 2021 12:58

Kenya is expecting a total of $1.16 billion in two financing operations from the World Bank and the International Monetary Fund in June. The information was reported this week by the Governor of the Central Bank of Kenya (CBK), Patrick Njoroge, during a press conference.

According to the official, about $750 million is expected from the World Bank within the next two weeks. Aimed at supporting Kenya's budget and post-Covid economic recovery, the funds are part of the Development Policy Financing (DPF) framework used by the World Bank to provide direct budget support to countries. Another $410 million will be provided by IMF as part of the first review of a $2.3 billion, 38-month financing program provided by the institution for Nairobi to facilitate economic reform and recovery.            

The Kenyan authorities are seeking to fill the government's budget deficit while pursuing national development projects, all in a difficult economic context, exacerbated by the rising debt service and Covid-19. According to the latest report from the African Union, the pandemic has affected 170,485 people in the country and killed at least 3,141, while the IMF reports that the national economy fell by 0.1% last year.

Patrick Njoroge said that the country is also expecting funding from other partners during this year.  "Another financing from the AfDB is also expected," he said. Kenya is also planning to issue new bonds to raise $1 billion by the end of June 2021.

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
• DPI acquires minority stake in Egypt’s largest private hospital group• Funds to support expansion across Egypt and key Gulf countries• Investment among...
WAEMU states collectively raised nearly 7,000 billion CFA francs in the first half of 2025, a record amount driven by increased financing needs, the...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.