Kenya Gets $1 Billion Financing From World Bank

David Herbling, Bloomberg

Photo by Kyle Glenn on Unsplash
Photo by Kyle Glenn on Unsplash

TheWorld Bank will lend Kenya’s government $1 billion in budget support, its biggest financing package yet for the East African economy, according to Treasury Secretary Ukur Yatani.

The concessional loan comprises $750 million credit from the International Development Association at an interest rate of 1.35%, 30-year repayment period and a five-year grace period. The remaining $250 million is from the International Bank for Reconstruction and Development at just above 2%, the World Bank’s country representative, Carlos Felipe Jaramillo, told reporters in the capital, Nairobi.

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