Kenya urges World Bank to hasten disbursement of loans

Kenya urges World Bank to hasten disbursement of loans

NAIROBI, Jan. 21 (Xinhua) — Kenyan President Uhuru Kenyatta on Wednesday urged the World Bank to remove bureaucratic hurdles that delay disbursement of its loans.

Kenyatta who met visiting WB Executive Director Louis Larose said removal of the bottlenecks will boost access to funding from the Bretton Woods institution.

“We are looking at the Word Bank as an institution that will nurture these projects for the benefit of Kenyans,” he said in a statement issued after the meeting.

The president said the East African nation’s biggest economy has embarked on the implementation of mega projects that have scaled up its capacity to absorb additional capital inflows.

“We are looking at expanding our railway and our power connectivity. We are determined to promote education and health sectors,” Kenyatta said.

Kenya is racing to be a preferred business destination for locals and foreigners as part of its strategy to become a middle income country by 2030.

The infrastructure projects are intended to reduce the cost of doing business by reducing the cost of transport, a move that will see Kenya become a competitive business hub for the East African region and beyond.

Kenyatta said his government looks forward to working with the WB in implementing projects that will promote the ease of doing business and propel Kenya into a financial hub within the region and the African continent.

Speaking during the meeting, Larose assured President Kenyatta of World Bank’s support, saying the bank was looking at Kenya “with positive lenses”.

The executive director congratulated the President for initiating reforms that have accelerated Kenya’s economic growth.