News Column

Kenya : WORLD BANK looks for higher absorption of funds

June 26, 2014

The World Bank declared that it will firmly partner with the government in executing financial proposals so as to advance absorption of funds for establishment projects.

The bank has promised Sh348 billion ($4 billion) under the 5 years country partnership strategy 2014-2018.

According to Country programme coordinator Thomas O'Brien, Kenya's annual absorption rate at 19 per cent was lower Africa's average of 21-22 per cent during the former CPS of Sh391.5 billion ($4.5 billion).

He stated that allocated funds are usually contributed in the course of projects' lifespan, usually 5 years. O'Brien commented "The government should continue the ongoing reforms in procurement and good public finance management. We will on our part seek to help more in designing and development of plans to increase absorption."

The bank stated that under the strategy, the funds will back development of sustainable infrastructure. It will also help to create more jobs and bolster equitable sharing of national wealth in line with the devolved governance system.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters