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World Bank and Kenya in talks for another loan of 23 billion shillings

Economy

World Bank and Kenya in talks for another loan of 23 billion shillings


President Uhuru Kenyatta with World Bank Country Director for Kenya, Keith Hansen. PICTURES | PSCU

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Summary

  • Vinay Kunar Vutukru, senior agricultural economist at the bank, said on Monday that the institution was negotiating with the state over the new loan which will be channeled to various agricultural value chains.
  • The World Bank is currently financing various projects in the sector valued at $500 million (56.8 billion shillings).

The World Bank will grant Kenya $200 million (22.7 billion shillings) to support various development projects aimed at improving food security in the country.

Vinay Kunar Vutukru, senior agricultural economist at the bank, said on Monday that the institution was negotiating with the state over the new loan which will be channeled to various agricultural value chains.

He said they expected to wrap up the talks and get the financial aid approved within the next two months.

“We are currently in talks with the government to continue our support to the agricultural sector to improve food production,” Vutukuru said.

The World Bank is currently financing various projects in the sector valued at $500 million (56.8 billion shillings).

Mr Vutukuru made the remarks during the launch of a five-year Migration and Invasive Pests and Weeds Management Strategy (2022-2027) in Nairobi.

The desert locust invaded Kenya in 2019 and ravaged thousands of hectares, posing a major threat to food security.

Agriculture Cabinet Secretary Peter Munya said the crisis caused by locust invasions demonstrated the need for a well-coordinated, multi-sector and multi-stakeholder approach to managing migratory and invasive pests.

Mr. Munya said lessons learned from the invasion and emergence of new invasive pests and weeds have also revealed gaps related to institutional and coordination structures.

“This ministry, with the support of the Food and Agriculture Organization of the United Nations and the World Bank, led the development of the management strategy for migratory and invasive pests,” Mr. Munya said. .

Mr Munya said the strategy has identified seven priority pillars for a comprehensive migratory pest management system and will provide a platform for a coordinated collaborative approach.

FAO Deputy Director-General Beth Bechool, who is in the country to meet with various stakeholders working to contain the desert locust, praised Kenya for its migratory pest control efforts over the past two years.

“FAO supports the government’s plans to fully contain the Desert Locust and other migratory pests, management. Under the new strategies, various strategic interventions will be implemented, including resource mobilization and management, livelihood restoration and the resilience mechanism, among others,” Bechool said.

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