Home ECONOMY Kenya receives US$ 750 Million from the World Bank

Kenya receives US$ 750 Million from the World Bank

by biasharadigest

Kenya has received US$ 750 Million from the World Bank to reinforce its resilient, inclusive green economy recovery from the COVID-19 crisis.

The World Bank approved this development policy financing to support policy reforms that will strengthen transparency and accountability in public procurement and promote efficient public investment spending.

Kenya to establish an e-procurement platform

The support will enable Kenya to improve its medium-term fiscal and debt sustainability through greater transparency and efficiency in government spending, building on ongoing World Bank support to enhance public finance management systems.

The operation provides for the establishment of an electronic procurement platform for the public sector that seeks to make government purchases of goods and services transparent.

This will help increase accountability in public spending and reduce opportunities for corruption.

The support also strengthens public investment management by seeking cost savings and applying rigorous selection, monitoring and evaluation criteria to all projects. Both measures are expected to yield financial savings of up to US$ 2.6 Billion.

The operation priorities reforms in the had hit sectors such as healthcare, education and energy, which have been made urgent by the impact of COVID-19 crisis,” said Keith Hansen, World Bank County Director for Kenya.

He said that in recognition of the severity of the crisis and the need for a comprehensive response, the WB supports the government’s post-COVID-19 economic recovery strategy, which is designed to mitigate the adverse socio-economic effects of the pandemic accelerate economic recovery and sustained growth.

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