Kenya seeks accelerated, broad-based, and inclusive development by engaging the International Finance Corporation (IFC) on several key economic initiatives.
According to a statement by the prime cabinet secretary Musalia Mudavadi, President William discussed IFC support for four transformative sectors during a high-level meeting with IFC Managing Director Makhtar Diop.
The prioritized key initiatives discussed incudes; infrastructure, aviation, energy water and agriculture as well as reforms to attracts investment.
“Dualing 2,000 kilometers of roads to improve production, open new economic corridors, and speed up the transport of goods and services.”
Additionally, Mudavadi shed light on the expansion of aviation sector in which the government seeks to construct a modern terminal and extra runways at Jomo Kenyatta International Airport to reinforce Kenya’s position as a leading African aviation hub.
“we outlined plans to expand Kenya’s energy generation capacity from 3,000 to 10,000 megawatts over seven years to provide affordable, reliable, and clean power for homes, industries, and innovation.
In Water and Agriculture sector, the agenda seeks to develop 50 mega dams to enhance food security through irrigation, increase export production, and provide water for the manufacturing sector.
Ruto assures the IFC that that Kenya has implemented legislative and policy reforms to attract private capital, including updates to the Public Private Partnership framework and the introduction of Water Purchasing Agreements. “These changes aim to unlock new investments and promote sustainable development.”
Kenya is expected to host IFC delegation to hold discussions on energy and infrastructure investment, particularly the modernization of Jomo Kenyatta International Airport under a Public-Private Partnership model.
The President assured Kenyans of continued collaboration with global financial institutions, including IMF, that have since thrust Kenya’s economy from the eighth to the sixth-largest on the continent in just two years.
“We greatly appreciate this support and remain committed to deepening these partnerships as we pursue economic resilience, accelerated development and shared prosperity for all Kenyans,” he said.
The head of state, held discussions with IMF Managing Director Kristalina Georgieva on expanding avenues of collaboration, said they have agreed to forge a forward-looking partnership, built on transparency, mutual understanding, and a shared commitment to sound economic governance
Ruto further welcomed the plan to implement a $1 billion (Sh129.8 billion) debt-for-food security swap by the International Development Finance Corporation’s (DFC).
it is expected to replace costly debt with lower-cost financing provided the savings are invested in programmes that improve food security.
