World Bank approves $1bn funding for Kenya budget support.

World Bank approves $1bn funding for Kenya budget support.

The World Bank has approved a 1 billion dollars loan for Kenya to help it close a gaping budget deficit and tackle the economic shocks from the coronavirus pandemic, both sides said on Wednesday.

The loan, initiated before the health crisis started, is the second-ever such direct lending for the budget from the World Bank after the first was processed in 2019. “Its approval is timely since it will help fill the financing gap generated by the severe, ongoing shock to Kenya’s economy,” the World Bank said in a statement.