The Government has been commended for its timely implementation of the World Bank’s multi-billion funded projects.
In its report released early this week, the bank indicates the Kenyan government has accelerated the pace of implementation of externally-sponsored mega projects.
As at June 2015, the bank had extended Sh434.3 billion ($4.3 billion) to Kenya to fund 27 projects in various sectors of the economy.
“Out of the 27 projects, 18 – covering Sh287.8 billion in net commitments and in a range of sectors, including energy, water, transport, and agriculture – are performing satisfactorily overall. That is the ratio observed in bank portfolios across the globe –and is a slight improvement on the figure from 2014,” notes the report titled Taking Stock 2015.
Some of the projects on timely implementation include the rehabilitation of the Jomo Kenyatta International Airport after last year’s tragic fire and the repairs on 380 kilometres of critical sections of the Northern Corridor between Mombasa and Nairobi.
The repair of the road has reduced transit time between the two cities from 11 to 8 hours, and lowered the cost of transport. The bank observed that the financial assistance extended to Kenya as at end of June, 2015 of $4.3 billion is more than double of what has been invested in the country in the last five years.