Kenya Secures KSh 8.9b Loan from OPEC Fund International
President William Ruto's administration has secured multibillion-shilling funding from the Organisation of the Petroleum Exporting Countries (OPEC) Fund.
Source: Twitter
Treasury Cabinet (CS) John Mbadi inked the deal with OPEC Fund President Dr Abdulhamid Alkhalifa.
Mbadi said the €60 million (KSh 8.9 billion) financial agreement signed on Tuesday, April 22, in Washington DC, US, will support the government's Economic Transformation and Green Recovery Support Programme (ETGRSP).
"The policy-based loan will support the implementation of Vision 2030 initiatives and the Bottom-Up Economic Transformation Agenda (BETA)," said Mbadi.
The new loan programme, Dvancing Green Recovery and Inclusive Growth in Kenya, will also strengthen governance, boost climate resilience, and create jobs for youth and women.
OPEC Fund said the new loan programme aims at promoting low-carbon growth, fostering private sector development in digital and climate-smart sectors and supporting reforms in e-mobility, carbon markets and green jobs.
"Co-financed with African Development Bank (AfDB) Group, the initiative aligns with Kenya’s Bottom-Up Economic Transformation Agenda, Vision 2030, the ParisAgreement and the OPEC Fund’s Climate Action Plan," read OPEC statement in part.
Source: Twitter
According to the National Treasury and Economic Planning, the following projects will benefit from a KSh 8.9 billion loan from the OPEC Fund:
The deal between Kenya and the OPEC Fund occurred on the sideline of the ongoing International Monetary Fund (IMF) and World Bank 2025 Spring Meetings in Washington.
CS Mbadi led a high-level delegation to the US to engage the IMF and World Bank on a new funding programme for economic support.
The CS engaged in talks centered on Kenya’s economic trajectory and key areas of collaboration, including economic performance and fiscal outlook, private sector engagement, the World Bank/Kenya portfolio, Development Policy Operation 7 (DPO-7), and upcoming pipeline projects targeting sustainable development.
The meeting came after Kenya and IMF mutually agreed to terminate the ninth review of the loan programme signed in 2021.
Source: TUKO.co.ke
