2 weeks Ago
Kenya has secured a major financial boost for its development agenda after Treasury Cabinet Secretary John Mbadi signed a Ksh9 billion (EUR 60 million) loan agreement with the OPEC Fund for International Development during his visit to the United States on April 22, 2025.The funding will go toward supporting national priorities under the Vision 2030 strategy and the Bottom-up Economic Transformation Agenda (BETA). In a statement released the following day, Mbadi confirmed the deal, saying, “Signed a EUR 60 million financial agreement with OPEC Fund President Dr.
Abdulhamid Alkhalifa for the Economic Transformation & Green Recovery Support Programme. The policy-based loan will support the implementation of Vision 2030 & BETA programmes.”Several flagship initiatives are set to benefit from the loan, including the Kenyatta National Hospital (KNH) Burns and Paediatrics Centre, rural electrification projects across five regions, the Bura Irrigation Scheme, the Kenya Electricity Expansion Programme, and the first phase of the Urban Roads Project in Wajir.
Shortly after signing the agreement, Mbadi, alongside Principal Secretary Chris Kiptoo, met with Ndiamé Diop, the newly appointed World Bank Vice President for Eastern and Southern Africa. Diop will now be stationed in Nairobi, where the World Bank is setting up its regional hub.Mbadi praised the move as a strong endorsement of Kenya’s leadership and commitment to regional development.
“The Bank’s decision reaffirms our growing stature in the region,” he said. “We remain committed to working closely with the World Bank to drive inclusive growth, expand opportunity, and uplift the lives of our people.”Mbadi and Kiptoo are in the U.
S. for the 2025 IMF/World Bank Spring Meetings, where they continue to strengthen Kenya’s global financial partnerships.The post Mbadi Secures Ksh9 Billion for Key Infrastructure Projects, Welcomes World Bank Hub in Nairobi appeared first on Nairobi Wire.
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