
Kenya seeks $750m loan from World Bank
Kenya is negotiating with the World Bank for a $750 million loan for budgetary support, documents on the proposed funding posted on the lender’s website showed.
The East African nation has multiple development funding programs, worth billions of dollars, with the World Bank but the funding bypasses the Kenyan treasury and is usually channeled straight into the projects.
If the $750 million (591.8 million pounds) loan gets approved, it will be the first time in years the World Bank is putting cash straight into the Treasury Department to be used at the discretion of the government, said a source with …