World Bank approves $1.2 billion budget support for Kenya to accelerate green policies
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The World Bank has approved a $1.2 billion budget support package for Kenya to help the country manage immediate fiscal challenges and accelerate environmental initiatives.
“After tackling the immediate fiscal pressures, the focus can now shift to addressing the country’s longer-term challenges,” said Keith Hansen, World Bank Country Director for Kenya.
Also read: Global shift towards renewables decelerates in 2023, says policy group
This funding comes after Kenya’s government took steps to stabilize its economy, address liquidity issues, restore investor trust, and stem currency depreciation.
The funding package also aims to enhance labor market competitiveness and bolster Kenya’s resilience against the effects of climate change, according to the bank.
According to the head of the statistics office, Kenya’s economy expanded by 5.6% in 2023, up from a revised 4.9% the year before. This growth was driven by strong performance in the agriculture sector, which plays a crucial role in Kenya’s economy, contributing over a fifth of its annual output.
Favourable rains following years of drought supported the sector’s recovery from two years of decline.
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