[SIZE=4]https://www.worldbank.org/en/news/press-release/2020/05/20/world-bank-approves-1-billion-financing-for-kenya-to-address-covid-19-financing-gap-and-support-kenyas-economy[/SIZE]
[SIZE=5]I am sure this is what the powerbrokers were dearly awaiting[/SIZE]
[SIZE=7]World Bank Approves $1 Billion Financing for Kenya, to Address COVID-19 Financing Gap and Support Kenya’s Economy[/SIZE]
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[li]WASHINGTON, May 20, 2020 — The World Bank Board of Directors today approved a $1 billion budget support operation for Kenya, which helps close the fiscal financing gap, while supporting reforms that help advance the government’s inclusive growth agenda, including in affordable housing and support to farmers’ incomes.[/li]The Kenya Inclusive Growth and Fiscal Management Development Policy Financing (DPF), is the second of a two-operation programmatic series aimed at recreating fiscal buffers over the medium term and crowding in private investment. Preparation of this DPF preceded the COVID-19 pandemic, but its approval is timely, since it will help to fill the financing gap generated by the severe, ongoing shock to Kenya’s economy. The DPF thus complements the recently approved Kenya Covid-19 Emergency Response Project which seeks to prevent, detect and respond to the COVID-19 outbreak and strengthen national systems for public health emergency preparedness.
“COVID-19 represents an unprecedented shock to the global economy. The World Bank remains very committed to support our client countries in these very challenging times. This operation provides concessional resources to help Kenya navigate the current COVID-19 crisis and to cushion the impact on livelihoods and jobs, while supporting the continued operation of essential public services,” said World Bank Country Director for Kenya, Felipe Jaramillo.
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