AfDB commits to local job creation
07 March 2014, 09:45
Nairobi - The African Development Bank Group (AfDB) board has voted to maximize financing for Kenya through an approval of a Country Strategy Paper for the country.
Through the strategy, which articulates areas of priority for the Bank in Kenya between 2014 and 2018, AfDB will address Kenya’s main developmental challenges by promoting job creation as the main objective.
AfDB will also explore ways of restructuring poorly performing operations in the portfolio or cancelling them as well redeploying freed-up resources to existing or new investments.
AfDB is also revising its credit policy for non-concessional borrowing, allowing Kenya access to sovereign-guaranteed loans from the Bank’s private-sector lending window.
“To achieve our main objective, we have designed the CSP around two main pillars,” said Gabriel Negatu, Regional Director for the AfDB’s East Africa Regional Resource Centre.
He added that they would continue to support the Government’s effort to enhance physical infrastructure to unleash inclusive growth and secondly, develop skills for the emerging labour market for Kenya’s transforming economy.
The strategy was prepared at a time when the country had concluded a peaceful political transition, launched the second National Medium Term Plan (MTP II) 2013-2017, embarked on a comprehensive devolution process and discovered oil, gas and coal deposits.
Bank investments in the energy sector will aim to reduce the cost of electricity and make supply more reliable and accessible, thereby supporting the MTP II objectives to increase rural and urban access rates by 50 percent and reduce the cost of electricity by 50 percent by 2018.
In the strategy, the bank has also touched on the issue of skills training with a focus on women and the disabled.
The bank’s skills development programme will target the youth and persons living with disabilities, ensuring that at least 50 percent of all persons trained were women, thereby fostering gender equality and inclusiveness.
The programmes aim to foster inclusiveness by enhancing girls’ and womens’ access to science and technology subjects through incentives and other affirmative action.
– CAJ News
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