From Capital FM

The African Development Bank Group (AfDB) has approved a Sh80.5billion ($930million) loan to support Kenya’s Country Strategy Paper (CSP) for the next five years.

The CSP supports the country’s ambitions and addresses its main developmental challenges by promoting job creation as the overriding objective.

AfDB recently revised credit policy for non-concessional borrowing, allowing Kenya access to sovereign-guaranteed loans from the bank’s private sector lending window.

The new 2014-2018 CSP was prepared at a time when the country had concluded a peaceful political transition, launched the second National Medium Term Plan (MTP II) 2013 to 2017, embarked on a comprehensive devolution process and discovered oil, gas and coal deposits.

“To achieve our main objective, we have designed the CSP around two main pillars. We will continue to support the government’s effort to enhance physical infrastructure to unleash inclusive growth and secondly, develop skills for the emerging labour market for Kenya’s transforming economy,” Regional Director for AfDB’s Eastern Africa Resource Centre, Gabriel Negatu said.

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