UPDATE 1-Kenya gets $750 million in budget support from World Bank

Adds detail about the new funding from World Bank statement in bullets 1-4

NAIROBI, June 30 (Reuters) - The World Bank said on Tuesday that it had approved $750 million in budget support for Kenya to support reforms aimed at strengthening governance, public financial management and social protection for vulnerable citizens.

  • The funding is known as a Development Policy Operation (DPO).

  • It will come in the form of a $340 million International Bank for Reconstruction and Development loan and $410 million in highly concessional International Development Association funding, the World Bank said in a statement.

  • The East African nation's public finances are under pressure because of heavy debt and wide fiscal deficits.

  • This will be the seventh DPO Kenya has received since its first one in 2018, the World Bank said.


This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.