Kenya is in talks with the World Bank for a $200 million agriculture loan
- Kenya is in talks with the World Bank for a $200 million agriculture loan
- Business Insider Africa gathered that the World Bank is expected to disburse the funds in the next few months.
- The loan would benefit various stakeholders in Kenya’s agriculture value chains.
- Note that the World Bank already supports many other projects in the East African country’s agriculture sector.
- The Kenyan Government and the World Bank are currently engaging in negotiations, as the East African country seeks to borrow a $200 million loan to facilitate agriculture in the country.
A senior agriculture economist with the World Bank, Vinay Kunar Vutukru, confirmed the ongoing negotiations while speaking during the launch of an invasive pests and weeds management initiative in Nairobi on Monday February 7th.
“We are currently in talks with the government with a view to continue our support to the agriculture sector to enhance food production,” said Mr Vutukuru.
He then went further to explain that the loan would benefit various stakeholders in Kenya’s agriculture value chains.
Do note that prior to this time, the World Bank has been funding many other projects in the country’s agriculture sector.
With regards to the initiative aimed at controlling invasive pests and weeds in Kenya, Business Insider Africa understands that it is expected to last for five years between 2022 through to 2027. It became necessary after desert locusts invaded the East African country in 2019 and wrecked havoc across acres of farmlands. According to Peter Munya, Kenya’s Agriculture Cabinet Secretary, the damage caused by the infestation of the desert locusts called for a well-coordinated and multi-stakeholder approach for pest management in the country.
While commenting further on the situation, Mr Munya disclosed that the initiative has already identified seven priorities for a comprehensive pest management system. A platform will, therefore, be provided to ensure a coordinated and collaborative approach towards addressing the problem.