Kenya will intensify its engagement with the World Bank on its development priorities.
President William Ruto said his administration is keen to tap into innovative ways to get financing.
He spoke on Thursday in Washington, D.C., United States of America, during a meeting with World Bank President David Malpass.
“Kenya acknowledges the World Bank and its role in financing our development needs,” said President William Ruto.
He noted that the finances will help mitigate the effects of drought and stimulate food
production to beat hunger in the country.
“We are also keen on providing finances to those at the lower echelons of the economic pyramid.”
Mr. Malpass commended Kenya for launching the Hustler Fund, which he said will stimulate entrepreneurship and create more employment.
President Ruto also launched the Hustler Fund on November 30, an innovative revolving fund combining credit and savings, to support and empower many Kenyans to access affordable credit.
As of December 12, the Fund had disbursed Ksh7.5 billion (US$61.1 million). At the same time, 15.4 million Kenyans had registered for the Fund.
“Before the expiry of the 14-day repayment period, Ksh 1.1 billion has since been repaid and nearly Ksh400 million mobilised in savings . It is clear under this programme, that Kenyans have found a platform to save. Clearly, Kenyans know the value of borrowing and paying contrary to the rhetoric of sceptics. By all accounts, this is revolutionary,” said Ruto.
