Govt Secures Ksh.8.9 Billion Loan from OPEC Fund

Kenya has signed a loan deal worth EUR 60 million, equivalent to Ksh. 8.9 billion with OPEC Fund.

During the International Monetary Fund World Bank (IMF) Spring Meetings, Kenya’s Treasury Cabinet Secretary John Mbadi agreed on that multibillion deal with OPEC Fund President Dr. Abdulhamid Alkhalifa. The government of Kenya aims to use the funds for the Economic Transformation and Green Recovery Support Programme (ETGRSP).

The policy-based loan will support the implementation of Vision 2030 initiatives and the Bottom-Up Economic Transformation Agenda (BETA), which the Kenya Kwanza government is pushing for.

According to the National Treasury and economic planning, this partnership shall cover various projects that include:

• Kenyatta National Hospital (KNH) Burns & Paediatrics Centre
• Rural Electrification in five regions
• Bura Irrigation Scheme
• Kenya Electricity Expansion
• Urban Roads Phase 1 Project in Wajir

Currently, Mbadi in the company of other Kenyan leaders including Energy CS Opiyo Wandayi, are in Washington DC, US to meet officers from IMF and World Bank.

The meetings have centred on strategic partnership between Kenya and the United States

On Tuesday April 22, the National Treasury Principal Secretary Dr. Chris Kiptoo, met with Mr. Robert Kaproth, Assistant Secretary at the U.S. Department of the Treasury, in Washington D.C, centering their discussions on the strategic partnership between Kenya and the United States, emphasizing the progress made in key areas of mutual interest.

The duo reaffirmed the commitment of both countries to advancing bilateral engagements and opportunities to deepen collaboration.