(Ecofin Agency) - Kenya’s government submitted last week a record draft budget estimated at KSh3,500 billion (about $34.6 billion) for the 2018/2019 fiscal year beginning next July.

This draft budget, which is 25% higher than the current year's (2017/2018) budget of KSh2,600 billion (about $25.7 billion), will enable the implementation of the “Big Four Agenda” development program initiated by President Uhuru Kenyatta.

Under this program, the president plans a more attractive business environment and major investments in four key sectors including agriculture, manufacturing industry, health and housing. The aim is to speed up economic growth and “transform” people’s life through job creation; living standards improvement; reduction of the cost of living, poverty and inequality.

To this end, the draft budget provides KSh68 billion ($672 million) for the energy sector, out of which KSh13 billion ($128 million) is for power generation and KSh53 billion ($524 million) for energy transfer and distribution.

KSh17.97 billion ($178 million) will be steered into irrigation and another KSh5.56 billion ($55 million) will go to agriculture and research. The industry sector will receive KSh6.91 billion ($69 million), while KSh24 billion ($238 million) will go into ICT infrastructure development.

Moreover, KSh4.91 billion ($49 million) are earmarked for youth-centered training and support, while KSh2.92 billion ($29 million) will be devoted to anti-graft fight. Housing, Urban Development and Public Works sector will also receive KSh32 billion ($317 million).

Let’s note that during the project’s preliminary examination by the Kenyan parliament’s committee in charge of the budget, it has already been recommended to increase expenditures in energy, housing, infrastructure, irrigation, agriculture and research.