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World Bank President Ajay Banga, President William Ruto and President Emmanuel Macron of France at the Summit for a New Global Financing Pact on June 23, 2023.

The National Treasury is poised to receive Ksh60 billion in the form of external funding from 14 countries to fund its 2024/25 Financial Year development budget. 

This is a Ksh6 billion drop from the amount received by the Kenyan Government in the 2023/2024 Financial Year from its allies. Apart from loans, the Treasury will receive a further Ksh5.5 billion from different countries in the form of grants to fund development projects in the 2024/25 financial year. 

Countries that will advance Kenya loans include: Finland, Belgium, Italy, Spain, Germany, France, Kuwait, Saudi Arabia, Japan, South Korea, China, Israel, Poland, and Hungary. 

Denmark, Sweden and the United States will also support Kenya’s development agenda through grants.

Japan will advance Kenya the highest sum of Ksh14 million in the form of a loan and a further Ksh353 million as a grant.  

France, a major ally of Kenya, will loan President William Ruto’s government Ksh11.7 billion and an extra Ksh828 million in the form of grants.

Germany will loan Kenya the third-highest amount of Ksh9 billion and close to Ksh3 billion in the form of grants.

China which accounts for the majority of Kenya’s foreign debt will loan President William Ruto’s administration Ksh7.3 billion with no grant. 

Scandinavian countries and Finland are major development partners for Kenya with most of their help advanced in the form of grants rather than loans.  

To that end they will contribute: Finland (Ksh970 million and a Ksh500 million grant), Denmark (Ksh100 million grant) and Sweden (Ksh60 million grant). 

Other countries in order of their contribution are: Italy (Ksh2 billion), Italy (Ksh2 billion), Saudi Arabia (Ksh1.2 billion), Israel (Ksh1 billion), Poland (Ksh1 billion) and Kuwait (Ksh919 million). 

The United States through USAID will issue a Ksh231 million grant for various US-sponsored development projects. 

It should be noted that Kenya will borrow an extra Ksh53 billion from international financial institutions including the World Bank, African Union, and European Investment Bank amongst others. 

In total, Kenya seeks to externally borrow Ksh113 billion and receive an extra Ksh31 billion in the form of grants for the 2024/25 financial year. 

This amount is expected to rise significantly after President William Ruto forewent Ksh346 billion which was supposed to be raised through Finance Bill 2024. By Kioko Nyamasyo, Kenyans.co.ke

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