Share

Kenya asks World Bank for $750 million loan

Kenya has requested the World Bank for $750m to fund affordable housing, agriculture and other development projects amid concerns the East African nation is taking on too much debt.

Its the first proposed so-called Development Policy Financing to support Kenya’s reform program to “further enhance economic growth and make it more inclusive,” the lender said on its website.

Some of the funding is for two of the state’s so-called Big Four priorities - affordable housing and farmer incomes and food security - while the rest will “create fiscal space to allow the government to invest in key development programs; and crowd in private investment and leverage digitization to support the government’s inclusive-growth agenda,” the World Bank said.

If approved, the financing will be hot on the heels of $2.1bn in Eurobonds that Kenya raised earlier this month for infrastructure projects and to retire maturing debt. In the first quarter, the government borrowed 25bn shillings ($1.23bn) in a syndicated loan, as part of the 299bn shillings of commercial debt it budgeted for the 2018-19 fiscal year.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.92
-0.1%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.45
+0.1%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.1%
Platinum
911.00
+1.6%
Palladium
1,008.15
+0.6%
Gold
2,222.89
+1.3%
Silver
24.90
+1.0%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders