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Reuters
Reuters
Business

World Bank approves $1 billion loan to Kenya

Kenya the World Bank East Africa
A view shows the Nairobi Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya/File Photo

The World Bank said on Tuesday it approved a $1 billion loan to Kenya to support its budget as East Africa's economic powerhouse confronts high debts and a weakening currency.

The lending will be done through an instrument called a Development Policy Operations (DPO) loan, which commits Kenya to instituting reforms aimed at creating fiscal space, improving agricultural competitiveness and improving governance.

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