World Bank launches development strategy for Kenya

World Bank launches development strategy for Kenya

NAIROBI, June 23 (Xinhua) -- The World Bank on Monday launched its new development strategy for Kenya aimed at boosting economic growth and creating more jobs for young people.

World Bank Country Director for Kenya Diarietou Gaye said the joint strategy by the Bank, IFC and MIGA was launched as a part of a sustained effort to help fulfill Kenya's ambitions of becoming a modern economy.

She said the five-year partnership strategy which was endorsed by the board on June 5 will help Kenya devolve power to regional communities in order to end extreme poverty and share prosperity among all Kenyans.

The strategy anticipates delivering over 4 billion U.S. dollars in the next five years to support Kenya to realize its potential to become one of Africa's enduring economic powers.

The WB's new strategy is aligned with the government's Vision 2030 priorities, which calls for rapid, sustained growth as the key driver in reducing poverty and creating opportunity for all.

The WB said it's supporting these priorities through its development investments in more and better quality infrastructure, improved health, social protection, rural development, and other areas that can increase economic opportunities while lowering inequality.

The Bank Group's International Finance Corporation (IFC) will provide investments and advisory services to help expand access to finance, promote more competitive businesses and improve the investment climate, while supporting agribusiness and infrastructure, as well as other important economic sectors.