The World Bank has commended Kenya for effective and timely implementation of a portfolio of multi-billion shilling projects funded under its watch.
In the Taking Stock 2015 report released late last year, the global lender states that the country has for the first time in history, taken serious steps in accelerating implementation of initiatives deemed important to the economy.
Reconstruction of the Jomo Kenyatta International Airport after the 2013 fire is among those recognised. Repairs on the Northern Corridor Road between Mombasa and Nairobi thus cutting transit time by a third has also received praise.
“For the fiscal year 2015, Kenya’s disbursement ratio is 22 per cent, meeting the global target and the highest ever seen in Kenya’s history,” says the report. The World Bank measures effective implementation by calculating the disbursement ratio, which is the amount used as a percentage of the total undisbursed per fiscal year.
As of June 2015, the bank had extended Sh439 billion ($4.3 billion) to Kenya to fund 27 projects in various sectors. Out of them, 18 covering Sh291 billion in net commitments across energy, water, transport and agriculture are performing well.
The report says the amount disbursed by the Kenyan Government for projects was the highest ever almost doubling what it was five years ago.
The survey, however, says the country still needs to work on releasing government funds on time to match up the bank’s financing. This are in projects shared in a Public Private Partnership model.
The bank recommends that as Kenya implements them, it should adhere to the international safeguard standards diligently.
These help countries address environmental and social issues leaving space for grievances by those affected.