Jevans Nyabiage
23 August 2008
Nairobi — The African Development Bank (AfDB) has given Kenya a three-year concessional loan of $542 million.
Speaking at a media briefing in Nairobi on Saturday, AfDB president Dr Donald Kaberuka said that the money, the equivalent of Sh35.6 billion, will be used to provide key services ranging from rural development to provision of water and infrastructure. The loan is besides the road construction grants that Dr Kaberuka said have been approved.
On Friday, Dr Kaberuka met with President Kibaki and Prime Minister Raila Odinga and some ministers to audit the coalition government's progress.
The construction of the Nairobi-Thika Road interchange will start soon following the bank's approval of $180 million for the project.
The bank's president said the $75 million Arusha-Namanga-Athi River project has started adding that the Mombasa-Nairobi-Addis Ababa corridor, which was granted $52 billion, will start soon.
Dr Kaberuka said that despite the political instability experienced early this year, the coalition government can be rated to be on track. But he said there are some key areas that needed quick solutions.
"The achievements made so far merit support and pave way for the grand coalition to deal with both the short-term and long-term social-economic challenges," he said. He said that Kenya remains one of the strongest economies in the sub-Saharan Africa and need to focus on development.
"ADB will provide $10 million towards buying of fertilisers," the former Rwandan Finance and Economic Planning minister said.
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