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Browsing: World Bank Kenya
- Kenya’s GDP, powered by broad-based growth in services and industry, increased by 6 per cent year-over-year in the first half of 2022
- The agricultural sector’s performed poorer, with a 1.5 per cent contraction in the first half of 2022
- Kenya’s medium-term growth prospects remain favourable, with GDP expected to expand by an average of 5.2 per cent in 2023–2024
Kenya’s gross domestic product (GDP), powered by broad-based growth in services and industry, increased by 6 per cent year-over-year in the first half of 2022.
The post-COVID -19 recovery was hampered by fluctuations in global commodity prices, a protracted drought in the country, and apprehension over the general elections in 2022.
According to the 26th issue of the Kenya Economic Update (KEU), households throughout the nation have been impacted by the drought and rising living expenses.
Due to the agriculture sector’s poor performance, which resulted in a 1.5 per …
- The World Bank Board of Directors has approved a US$150 million to support locally-led climate resilience projects in all rural wards in Kenya
- The program’s development objective is to deliver locally-led climate resilience actions
The World Bank Board of Directors has approved a US$150 million International Development Association (IDA) credit to support community identified and locally-led climate resilience projects in all rural wards in Kenya.
In a statement, the organization says the resources will be channelled through the new Financing Locally–Led Climate Action (FLLoCA) Program.
The program’s development objective is to deliver locally-led climate resilience actions and strengthen county and national governments’ capacity to manage climate risks.
“Kenya has demonstrated leadership in establishing a policy framework to manage climate risk though climate action is still underfunded.” said Keith Hansen, World Bank Country Director for Kenya.
“This financing will support the Government of Kenya meet its climate commitments to increase financing …