The World Bank and China will fund a chunk of Kenya’s development projects, including the building of roads, railways, hospitals and schools. The two will contribute more than half, or Sh150 billion, of an estimated Sh280 billion that Kenya expects from external lenders. These funds will come in form of loans and grants.
The World Bank and the International Monetary Fund (IMF) will remain Kenya’s leading external financiers. However, their position is being increasingly threatened by China. The Energy and Housing departments will receive Sh5.3 billion and Sh4 billion respectively from the Washington-based lenders.
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