The World Bank Group has launched a six-year Country Partnership Framework (CPF) for Kenya that aims at supporting Kenya’s inclusive and resilient future.
The support will prioritize enhancing successful small producers, Macro Small and Medium Enterprises (MSMEs), better health and education for all Kenyans, reliable infrastructure across communities and water security and climate resilience.
Speaking on Tuesday during the launch, National Treasury and Economic Planning Cabinet Secretary (CS) Prof. Njuguna Ndung’u said that since 2019, Kenya has received combined funding amounting to USD 3.25 billion under the four World Bank policies operations.
“These resources have helped to reduce fiscal pressures by making public spending more efficient, transparent while reducing the fiscal costs and also strengthened the management of natural human capital as well as creating a very strong performance platform,” said Ndung’u.
He added that it is evident that the World Bank has continually supported Kenya for it has taken into account its current realities.
“Indeed, the World Bank remains our largest multilateral partner with approximately USD 6.7 billion, which is about Sh800 billion, in the development project financing and 80% of the project continues to register moderately satisfactory performances in the last three years,” said Ndung’u.
He pointed out that through CPF, Kenya is expected to benefit not only from its national allocation but also from other windows that provide finance for specific goals such as to increase the resource allocation that is needed in times of constraints.
“Other new windows have been introduced and we shall engage further with the World Bank Country Office to determine the best options under the windows over the financing of our projects which will incorporate efficiency, risks and costs,” said Ndung’u.
Speaking during the event, World Bank Director for Kenya, Rwanda, Somalia and Uganda Mr. Keith Hansen said that he was happy to launch the CPF as it was one of the greatest partnerships they have ever held in Kenya.
“Inequality is eroding the ability to reduce poverty further as it undermines accumulation of human capital and because of this, Kenya can complement its strong investment in human capital and basic services by accelerating efforts to elevate lagging regions as well as tackling constraints to economic outcomes,” said Hansen.
In her remarks, World Bank Operations Manager Ms. Camille Nuamah noted that the World Bank has partnered with the government of Kenya to equip small business people with digital skills, enabling over 24 MSMEs in providing digital services in the country.
“To support Kenyan’s transformation into a middle-income economy that achieves inclusivity and resilience, the CPF will work towards three long-term goals and various objectives that were already mentioned before,” said Nuamah.
She added that the CPF objectives would help Kenya to recreate fiscal space that deteriorated due to rising debt services, COVID-19 pandemic and climatic shocks, improve public expenditure transparency and effectiveness by supporting Kenya’s devolution process and address Kenya’s need to accelerate quality job creation.
Others in attendance included Council of Governors Chair and Kirinyaga Governor Anne Waiguru, National Treasury and Economic Planning Director General Public Debt Management Office Dr. Harun Sirima, Development Partners Group Co-Chair and Ambassador of Netherlands Maarten Brouwer, Kenya Private Sector Association Chief Executive Officer Ms. Carol Kariuki and Institute of Social Accountability National Coordinator Ms. Wanjiru Gikonyo who participated in a panel discussion.
Source: Kenya News Agency