Ruto Outlines How He Will Use Ksh1.8 Trillion Loan After Meeting World Bank President
President William Ruto has disclosed that the Ksh1.8 trillion World Bank advance will be utilized to better the livelihoods of Kenyan citizens.
The Head of State explicitly stated in a statement released on Monday, after he met with World Bank President Ajay Banga in Germany, that the funds would be utilized to curb inflation, which had caused a surge in the cost of living.
Additionally, he mentioned that a portion of the advance, which is expected to be deposited into the state’s bank accounts over three years, will be utilized to address debt vulnerabilities and buffers.
“Kenya is indebted to the financial and technical support that the World Bank — and the International Monetary Fund — continue to extend to us. We are especially grateful to the Institutions for their latest assistance — Ksh1.8 trillion and Ksh687 billion, respectively — which will rebuild our buffers, tame inflation and debt vulnerabilities,” Ruto explained.
“This support will help Kenya withstand shocks, accelerate the Bottom-Up Economic Transformation Agenda, and advance our long-term, robust, and inclusive growth.”
Additionally, while in France for the G20 Compact with Africa Conference on economic cooperation and promotion of private investment, the President stated that he was investigating the potential of renewable energy to create employment opportunities for millions of individuals.
“Africa is ready to create an enabling environment, enact policies, and facilitate investments necessary to unlock resources to meet our climate commitments and contribute meaningfully to the decarbonization of the global economy,” he added.
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“Africa has enough natural resources to underwrite a new chapter in clean energy for the continent and the world.”
The World Bank announced on Monday that it will provide Kenya with loans totaling Ksh1.8 trillion ($12 billion) over three years to support the development agenda of the Ruto administration.
As of now, the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) have confirmed that their respective commitments total Ksh 1.26 trillion ($8.3 billion), of which Ksh670.4 billion ($4.4 billion) are available for disbursement, according to the World Bank.
”MIGA ( Multilateral Investment Guarantee Agency) is actively engaged with $424 million in guarantees covering the energy, transport, financial, fintech, and tourism sectors,” read the statement in part.
”Over the three fiscal years, IDA/IBRD expect to provide an estimated $4.5 billion, including fast-disbursing operations.”
Ruto Outlines How He Will Use Ksh1.8 Trillion Loan After Meeting World Bank President