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Kenya is set to receive Sh19.8 billion (US$170 million) loans from the African Development Bank (AfDB) this year towards budgetary support as also for supporting agriculture
Kenya is set to receive Sh19.8 billion (US$170 million) loans from the African Development Bank (AfDB) this year towards budgetary support as also for supporting agriculture.
Nnenna Lily Nwabufo, AfDB director-general for East Africa, said the amount Sh11.66billion (US$100 million) would go towards budget support to help steer the Kenyan economy back on track amid inflationary pressure while the other US$ 70 million will go to support for agriculture.
The loan will be used for financing the electricity sector and the public-private-partnership reforms to strengthen the cornerstone utility (Kenya Power), place Kenya on an efficient, green energy path and boost private infrastructure investment. Kenya’s debts towards China-funded infrastructure projects have increased by a record KSh 73.48 billion. This has increased the country’s debt to China to KSh 1.4 trillion.
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The amount of money paid to Chinese lenders increased by 135.15 percent compared with KSh 31.25 billion in June 2021. A report tabled in Parliament recently by the Treasury Cabinet Secretary Ukur Yatani showed that the State borrowed nine new loans between January and April, totaling Sh137.93 billion to finance projects. Six of the new loans are from multilateral lenders and three from bilateral lenders and were contracted between January 1 and April 30.
