You have our support, World Bank tells Kenya

The World Bank has thrown its weight behind Kenya terming the country as an economic giant that needs partners to develop its strengths.
Addressing President Uhuru Kenyatta at the bank’s headquarters in Washington DC on Thursday, the World Bank President Jim Yong Kim said Kenya is a giant that the United Nations Financial Institutions cannot ignore.

“You are not a small fish but a big one. The respect you (President Uhuru Kenyatta) have among your regional counterparts is also a plus and economic success in Kenya is very personal for me,” said Mr Kim.

He added that current economic reforms in Kenya are encouraging, saying that he will support the country to achieve its goals.
His remarks come just as Mr Kenyatta urged US companies to increase their presence in the East Africa.

He spoke at a US-Africa Leaders Summit in Washington DC with the US Chamber of Commerce, chief executives of major US corporations and private sector bosses from Kenya, Uganda, Tanzania, Rwanda and Burundi. Kenya was represented by 58 high profile individuals from industry including the Kenya National Chamber of Commerce and Industries and Kenya Private Sector Alliance.

Mr Kenyatta said: “We want to take advantage of the vast economy of the US and we have made progress in improving our legal systems to make our region more business-friendly,” he noted, adding: “we will do everything to facilitate your entry into our market to benefit us and the US.”

IGNORE US

The President told Americans that Kenya and other countries in the region have never taken deliberate decisions to ignore the US in terms of business partnerships.

“We are looking for investments everywhere because our economies require great investments,” he said.

He urged the World Bank to support Kenya in health and real estate, power generation, infrastructure development and devolution.

This came a day after Bloomberg reported that the World Bank has excluded coal from its $5 billion funding to boost power supply in Kenya and six African countries.

The World Bank spokesperson for Africa, Mr Phil Hay told Bloomberg that the $5 billion will only finance electricity generation from wind, geothermal, gas and hydro.

Kenya is focused on coal as a source of energy alongside geothermal, natural gas and wind.

The country is currently scouting for a contractor for the 1,000 megawatt coal plant in Lamu County.