Kenya to get $750 million World Bank loan

Governor of the Central Bank of Kenya, Patrick Njoroge, speaks September 26, 2018 during a press conference in Nairobi. (Photo by SIMON MAINA / AFP) (Photo credit should read SIMON MAINA/AFP/Getty Images)

Kenya, in the next two weeks, will receive a loan of $750 million from the World Bank that was approved in 2019, the country’s central bank governor Patrick Njoroge said on Thursday.

FILE PHOTO: Governor of the Central Bank of Kenya, Patrick Njoroge, speaks during a press conference in Nairobi. (Photo credit SIMON MAINA/AFP/Getty Images)

In May 2019, the World Bank approved the $750 million credit from International Development Association, the World Bank arm that helps the world’s poorest countries, to support the country’s reforms in agriculture, housing, digital technology and fiscal management.

Njoroge told a virtual press conference that the International Monetary Fund (IMF) is expected to complete the first review of a 38-month financing package under the Extended Fund Facility and Extended Credit Facility arrangements in June, which will lead to the disbursement of 410 million U.S. dollars.

Njoroge noted that the African Development Bank (AfDB) will also provide concessional financing to support Kenya in its COVID-19 response program.

According to the official, the external financing will help the East African nation reduce its current account deficit, which is expected to stand at 5.2 percent of the gross domestic product in 2021.