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
PIC raises its commitment to Enko Impact Credit Fund, reaching 86.7% of its target. The fund provides dollar-denominated private credit to mid-sized...
IFC grants a $30 million senior loan to boost SME lending in Mauritania. At least 25% of the funds will support women-owned or women-led...
S&P upgrades Zambia to CCC+ as debt talks advance and copper output rebounds. About 94% of $13.3 billion targeted for restructuring is now...
Moody’s assigns Ba3 rating with stable outlook to BDEAC Rating reflects bank’s regional role, reforms, and strong shareholder backing Move...
Most Read
01

(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...

MCB deploys strategic financing to Invictus Investment to scale up its agro-food operations in Africa
02

MTN Innovation Lab hosts Africa HealthTech Export 2025 Bootcamp in Cotonou Event targets s...

Africa HealthTech Bootcamp Opens in Benin With Focus on Regulation and Startup Growth
03

Public Eye claims over 90% of Cerelac samples in Africa contain added sugar, averaging 6 g per por...

Nestlé Faces New Claims of Excess Sugar in African Baby Cereals
04

Attack risks internet disruptions; investigation launched near Massakory EU-funded project aims ...

Chad Reports Second Vandalism Attack on Key Internet Cable in Two Weeks
05

China says Premier Li Qiang will attend instead of President Xi Jinping The U.S. and Russia also ...

South Africa Loses More Support as Xi Jinping Also Skips the G20 Summit
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


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.