Kenya ‘gets $750m World Bank loan’

NAIROBI, The World Bank has agreed to give Kenya the $750m (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.

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.

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.

Source: Nam News Network