The World Bank has approved Sh86 million for budgetary support pegged on ensuring that the government will ensure reforms in procurement that will curb graft.
The loan will be at an annual interest of 3.0 per cent and is the second tranche of a credit facility initiated in 2020, with the first tranche was disbursed last June
“By the end of 2023, the program aims to have five strategically selected ministries, departments, and agencies, procuring all goods and services through the electronic procurement platform,” the bank said.
In 2019, Kenya qualified for the World Bank’s Development Policy Operations (DPO), lending cash directly to the Treasury for budget support instead of financing specific projects.
The program will also support energy reforms by creating a platform for clean energy investments, which has the potential to attract more investors, the World Bank said.
