Kenya Government request US$750million from World Bank for infrastructural developments
Kenya Government has ask for fund from the world bank for development of different infrastructure. The fund will be use to provide affordable housing, agriculture and other projects. The request is worth US$750million.
The request is the first time in more than a decade that Kenya has ask for loan from the bank. According to the project document on the bank’s website, the loan will enable the government to fund the Big Four agenda.
— Daily Nation (@dailynation) May 28, 2019
Meanwhile, if the request is approved, the financing will be hot on the heels of US$2.1 billion in Eurobonds. This Eurobonds that Kenya raised earlier this month for infrastructure projects and to also retire maturing debt.
It will also add to Kenya Kenya’s growing debt burden. The country’s debt position has reached a dangerous level, with experts warning that it poses a real and massive systemic risk.
The loan application is was submitted to the President of World bank by Treasury Cabinet Secretary Henry Rotich.