Kenya to tap Kshs 1 trillion AFDB fund

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Kenya is set to be a beneficiary on the Ksh 1 trillion emergency fund according to an announcement made last week by the African Development Bank (AFDB). The funds are to support the economy, which has been shaken by the spread of Covid-19.

Nnenna Nwabufo, the AFDB deputy director-general, in a phone interview with the Business Daily, clearly stated that both the government and the private sector could access the funds which are to strictly assist in the budget during this period of the pandemic. She also urged the government to support the hugely affected industries such as health, air transport, and tourism. 

The Sh 1 trillion ($10 billion) comprises $5.5 billion for all countries supporting independent operations of the AFDB. $3.1 billion for fragile states under the AFDB funds and an addition of $ 1.35 billion to the private sector. 

Akinwumi Adesina, the AFDB President, mentioned that the funds would help support African states in the fight against covid-19.

The help came when Kenya was looking forward to getting $1.15 billion from the International Monetary Fund and the World Bank to help curb the spread of the pandemic. But, just in April, the African Export-Import Bank made a fund of approximately $1.20 billion to help with the economy of African countries.

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The Author of this Article is a registered Financial & Investment Analyst with Institute of Certified Investment and Financial Analyst. If your require more information Email: info@finsolutions.co.ke or +254 780216631

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