NAIROBI: 37 million has been allocated for the Kenya Financial Sector Support Project to strengthen the legal, regulatory, and institutional environment. It will help Kenya to improve financial stability and increase affordable and long term financing.
In a statement, Diarietou Gaye, the World Bank Country Director for Kenya said, “Kenya’s financial sector is the third largest in sub-Saharan Africa and it makes a significant contribution to economic growth and job creation.
“The opportunity for Kenya now is to transform the financial sector to provide more affordable and longer term credit to contribute effectively to growth and shared prosperity,” she said.
The new program will build on the reforms that were supported by the Financial and Legal Sector Technical Assistance Project, which helped strengthen Kenya’s financial sector in the past decade. Financed by a Bank credit of $18 million and co-financing of $10 million from Britain’s Department for International Development, this project was approved by the Bank in October 2004 and closed in March 2013.
