Kenya Plans to Quadruple borrowing from World Bank
Kenyan Finance Minister Uhuru Kenyatta will travel to Washington from July 13 to July 16 to hold talks with the multilateral lender and the International Monetary Fund Joseph Kinyua, permanent secretary at the ministry, told reporters today in the capital, Nairobi.
“We want to tell them what we’re getting is not enough to fund our current infrastructure strategy and to increase our power generation from 1,000 megawatts to 3,000 megawatts in the next three years,” Kinyua said.
Kenya, East Africa’s largest economy, plans to quadruple borrowing from the World Bank to $1 billion a year from 2010 to fund transport and energy projects.
he IMF approved a $209 million loan on May 29 to shore up the Kenya’s depleted foreign exchange reserves. That amount met the nation’s immediate needs and it will not ask for further emergency funds at next week’s meeting, Kinyua said.Kenya’s economy may expand 2.1 percent this year because of stimulus spending, Permanent Secretary at the Planning Ministry, Edward Sambili, said on June 17.Economic growth in Kenya fell to 1.7 percent last year, from 7 percent in 2007, as post-election violence in the first quarter slowed tourism, slashed agriculture production and rattled investors.
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