Kenya’s new development strategy will see the World Bank Group spend up to US$4bn over the next five years to see it to fruition.
According to WB, International Finance Corporation and Multilateral Investment Guarantee Agency the joint country partnership strategy (2014-2018) is part of sustained efforts to help propel Kenya into a modern economy in which prosperity is shared across all communities.
The development strategy is expected to help build vital infrastructure, create more jobs and boost sharing of prosperity among all Kenyan communities in line with the devolved governance system.
A joint statement released recently said the strategy focuses on three areas: competitiveness and sustainability; protection and potential; and building consistency and equity; underpinned by the connecting platform of good governance – to improve accountability and ensure that resources at national and county levels are spent properly and get to those for whom they are intended.
The World Bank Group noted that many Kenyans have not benefited from the country’s economic growth despite its expanding by an average 4.6 % over the last 10 years. The bank added that inequality remains high in terms of opportunities and outcomes between men and women, Kenya’s growing youth population, and people living in remote, undeveloped regions of the country. IFC will offer investment and advisory services to help expand access to finance, promote competitiveness and improve the investment climate. It will also support agribusiness and infrastructure.
The three World Bank arms said they will leverage resources to innovatively finance infrastructure in energy, water and transport sectors.
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