World Bank Slices Kenya Financing by Sh39 Billion, But Still Provides Substantial Funds

• World Bank cuts expected Kenya financing by Sh39bn from earlier anticipated Sh197bn to new amount of Sh157.7bn ($1.2bn) • New financing to be approved on April 30 and drawn from Development Policy Financing facility • Funds to promote efficiency, equity and transparency of public finance and sharpen competitiveness • Expected to generate expenditure savings, strengthen social protection system, and reduce corruption • Still a remarkably large disbursement compared to typical World Bank funding of Sh98.6bn-Sh131.5bn recently