Kenya: Loans to Kenya in the Last 3 Days Hit Sh133.3bn After AfDB Lends Govt Sh21.9bn

 Kenya: Loans to Kenya in the Last 3 Days Hit Sh133.3bn After AfDB Lends Govt Sh21.9bn

Nairobi — Kenya will receive a €188 million – Sh21.9 billion – loan from African Development Bank to support its efforts to respond to the COVID-19 pandemic and mitigate the related economic, health and social impacts.

In a statement, the financial institution says the loan follows a request by the Government of Kenya, as part of its COVID-19 Emergency Response intervention, to help contain the scourge.

The funds will go towards strengthening the national health system to effectively respond to the pandemic, build economic resilience, and ensure a quick recovery.

According to the bank, the loan will also be used to support the poor and vulnerable people who have been negatively affected by the pandemic.

“We are very pleased to join other development partners in supporting the Government of Kenya’s efforts in mitigating the financial impact of the pandemic, especially in terms of the country’s expenditure in the health, social and economic sectors. The next step will focus on helping build resilience for post-COVID-19,” the Bank’s Acting Director-General for East Africa, Nnenna Nwabufo, noted.

The latest funding will now bring the number of loans given to the government in the last one week to Sh133.3 billion.

On Thursday, the World Bank said in a statement that its Board of Directors had approved an Sh4.59 billion International Development Assistance credit to respond to the threat posed by the desert locust outbreak and to strengthen Kenya’s system for preparedness.