OUR NEWS

Kenya 'gets $750m World Bank loan'

May 31, 2019

 

The World Bank has agreed to give Kenya the $750m (£590m; 75bn Kenyan shillings) loan it had requested.

 

The World Bank says the funds would be used to support vital reforms and curtail corruption in agriculture, and also to boost productivity and income for farmers.

 

This latest loan comes amid concerns of high debt levels among some Kenyans, the BBC’s Charles Gitonga says.

 

Kenya raised $2.1bn in London earlier this month. Recently, the East African nation’s citizens took to social media with strong opinions against the move, accusing the government of over-borrowing when the country is broke.

 

But some economists say it is normal for an economy like Kenya to take out loans to finance projects and other spending priorities.

 

Experts have warned that for every $1 raised in tax revenue, the country is spending the equivalent of $1.23 in loan repayment costs.

 

The country’s public debt is in excess of $51bn most of which is owed to international lenders and investors.

 

Kenyan Finance Minister Henry Rotich said the World Bank money would be used for the Big Four Agenda that seeks to provide affordable healthcare, housing, food security and manufacturing.

Please reload

Recent Posts

Please reload

SUBSCRIBE TO OUR NEWSLETTER

Keep up to date with the latest news and services from Oakmark Global Vision

WEST AFRICA'S NO.1 ECONOMIC AGENTS

REGIONAL OFFICE

INTERNATIONAL OFFICE

CONNECT WITH US

SITE MENU

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

King Court, 17 School Road
Hall Green Birmingham
United Kingdom  B28, 8JG

+234 -(0)- 929 207 02
+234 (0) 808 643 0422

+44 (0) 121 244 1814
+44 (0) 746 625 2505

© 2019 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

WEST AFRICA'S NO.1 ECONOMIC AGENTS
  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Instagram Icon
  • Grey LinkedIn Icon