World Bank to Approve Additional Ksh26 Billion Loan for Kenya
The World Bank is preparing to approve a loan for the second phase of the Kenya Social Economic Inclusion Project (KSEIP).
Documents reviewed by Gossipa2z.com from the Bretton Woods institution indicate that the board is scheduled to meet on October 15 to discuss the loan approval.
If approved, the Bank is set to contribute Ksh26 billion (USD 200 million) to the project during this October meeting.
KSEIP is an initiative designed by the government to allocate funds to senior citizens and other vulnerable groups.
The World Bank has also highlighted that the project is currently in the Concept Review Stage, where it will explore various implementation options for the second phase.
Additionally, the project will be managed by the Ministry of Labor and Social Protection and the National Drought Management Authority.
The funds are anticipated to be allocated for the financial year starting July 1, 2025, with a focus on providing social support to the elderly and vulnerable populations.
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In preparation for the second phase, the Ministry of Labour and Social Protection has advertised for consultants to assist with software development and financial services.
In the meantime, the government is utilizing the funds allocated for the 2024 financial year.
According to the notice, “The Government of Kenya has received financing from the World Bank for the Kenya Social Economic Inclusion Project-KSEIP and intends to use part of the funds for consulting services.”
This follows the government’s registration of senior citizens for monthly stipends in September 2023.
On August 8, 2023, President William Ruto, during a cabinet meeting, reaffirmed the government’s commitment to the dignity of senior citizens through the Inua Jamii Program.
The Inua Jamii Program aims to provide monthly disbursements to over 2 million elderly Kenyans.
World Bank to Approve Additional Ksh26 Billion Loan for Kenya
