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World Bank gives 37mln USD credit to help Kenya's financial sector

05 May 2015, 09:21

Nairobi - The World Bank has approved 37 million credit to support Kenya to develop a stronger financial system, increase long term financing and reduce the cost of credit to borrowers.

World Bank Country Director for Kenya Diarietou Gaye said an International Development Association (IDA) credit will help Kenya to improve financial stability and increase affordable and long- term financing.

"The opportunity for Kenya now is to transform the financial sector to provide more affordable and longer-term credit to contribute effectively to growth and shared prosperity," Gaye said in a statement issued Monday in Nairobi.

She said Kenya's financial sector is the third largest in sub- Saharan Africa and it makes a significant contribution to economic growth and job creation.

The new program will build on the reforms that were supported by the Financial and Legal Sector Technical Assistance Project, which helped strengthen Kenya's financial sector in the past decade.

The Bank's Senior Financial Sector Specialist Smita Wagh said the new facility will also facilitate access to and reduce the cost of finance, which are identified as constraints to business growth and job creation.

"Stronger policy, regulatory environment and market infrastructure are needed to support the development, efficiency and integrity of the financial market," Wagh said.

The program will focus on banks, insurance and pension schemes through a more targeted approach that supports solutions to specific constraints that curtail economic growth and the job creation of the private sector.

Milestones during its implementation period include a more stable financial system and increased financial access and diversity of financial products.

The bank said it will continue to support efforts to increase financial access to improve the enabling environment for private investment, which plays a critical role in Kenya's development process.

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- Xinhua


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