NAIROBI, November 20, 2023 — The World Bank has been one of Kenya’s strongest partners and the largest provider of development finance. Kenya is now accessing about $2 billion in concessional financing each year. International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) commitments together now stand at $8.3 billion, with $4.4 billion available to disburse. The International Finance Corporation’s (IFC) investment portfolio is $1.2 billion. The Multilateral Investment Guarantee Agency (MIGA) is actively engaged with $424 million in guarantees covering the energy, transport, financial, fintech, and tourism sectors.
Looking ahead, the World Bank is fully committed to supporting Kenya in its journey to become an upper-middle-income country by 2030. Over the next three fiscal years (FY24-FY26), IDA/IBRD expects to provide an estimated $4.5 billion including fast-disbursing operations. Out of this amount, $3 billion is estimated from IDA and $1.5 billion from IBRD. IFC will provide roughly $1 billion in investments and MIGA guarantees can amount to around $500 million. Subject to the World Bank Executive Directors approval of new operations, and to factors which may affect the Bank’s lending capacity, this implies a total financial package of $12 billion over the next three years.
