World Bank Approves Ksh 26 Billion Loan To Kenya
The World Bank is set to approve a loan to fund the second phase of the Kenya Social Economic Inclusion Project (KSEIP).
According to a review of documents published by the Bretton Woods institution, the board members are scheduled to meet on October 15 to discuss the approval of the funds.
The Bank is expected to invest Ksh26 billion (USD200 million) in the project if the funds are approved during the October meeting.
KSEIP is a project in which the government aims to distribute funds to senior citizens and vulnerable members of society.
Furthermore, the World Bank stated that the project is in the Concept Review Stage, where the Bank will consider alternatives for implementing the second phase.
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Additionally, the projects will be overseen by the Ministry of Labor and Social Protection and the National Drought Management Authority.
The disbursement is expected to be used for the fiscal year 2025, which begins on July 1, 2025, and will be allocated to vulnerable and older generations in need of social support.
On the other hand, the Ministry of Labour and Social Protection advertised positions for consultants to assist with software development and financial services ahead of the second implementation phase.
Meanwhile, the government has been using the funds that have already been disbursed for the fiscal year 2024.
“The Government of Kenya has received financing from the World Bank towards the cost of the Kenya Social Economic Inclusion Project-KSEIP and intends to apply part of the proceeds for consulting services,” read the notice.
This announcement comes after the government signed up senior citizens for monthly stipends in September 2023.
President William Ruto, who presided over a cabinet meeting on August 8, 2023, reaffirmed the government’s commitment to protecting the dignity of senior citizens through the Inua Jamii Program.
The Inua Jamii program aims to reach more than 2 million elderly Kenyans through monthly disbursements.
World Bank Approves Ksh 26 Billion Loan To Kenya
