AfDB gives Kenya $930 Million for investment, job creation

Kenyan President Uhuru kenyatta

Kenyan President
Uhuru kenyatta

 

 

 

 

 

 

Africa Development Bank Group ( AfDB) has approved $930 million to support infrastructure development and guarantee job opportunities for Kenyans.

The financing programme is earmarked to help the Government restructure its operations as a way of creating new investments.

The bank has also revised credit policy for non-concessional borrowing allowing Kenya access to sovereign-guaranteed loans from its private sector lending window.

Regional Director for the AfDB’s Eastern Africa Resource Centre Gabriel Negatu said the new Country Strategy Paper (CSP) was prepared at a time when the country had concluded a peaceful political transition and launched the second National Medium Term Plan (MTP II) 2013-17.

It was also approved after the country embarked on a comprehensive devolution process and discovered oil, gas and coal deposits. “It is aligned to the bank’s Ten-year Strategy 2013-22, its Private Sector Strategy 2013-17, and the Gender Strategy 2014-18,” he said.

Mr Negatu said for the bank to achieve its main objective, it designed the CSP around two main pillars.

“We will continue to support the Government’s effort to enhance physical infrastructure to unleash inclusive growth and secondly, develop skills for the emerging labour market for Kenya’s transforming economy,” he added. Under the first pillar, Negatu said AfDB would establish a more conducive environment for the private sector through investments in physical infrastructure.

“Specifically, investments in energy, transport and water will increase access to affordable and reliable electricity, improve transport connectivity, reduce transport cost and time, and enhance access to reliable water supply,” he explained.

The second pillar will focus on improving access to technology-based labour markets.

 

( Courtesy Standard Digital……Source…….Our Freelance Contributor in Africa)

 
About the Author
Moses M'Bowe, is the Chief International Correspondent, For New Africa Business News And New Africa Daily News.

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