The Africa Development Bank Group on Wednesday (March 5) approved a Country Strategy Paper for Kenya, detailing the Bank's priority areas of support to Kenya for the next five years designed to support Kenya's ambitions and address its main developmental challenges by promoting job creation.
Bank lending during the CSP period aims to maximize African Development Fund financing for Kenya, as well as redeploying freed-up resources to existing or new investments. The Bank is revising its credit policy for non-concessional borrowing, allowing Kenya access to sovereign-guaranteed loans from the Bank's private-sector lending window.
The Bank said it had designed the CSP around two main pillars, continuing to support the Government's effort to enhance physical infrastructure to unleash inclusive growth and secondly to develop skills for the emerging labor market for Kenya's transforming economy.
Under the first pillar, the AfDB will establish a more conducive environment for the private sector through investments in physical infrastructure, and specifically in energy, transport and water to increase access to electricity, improve transport connectivity, reduce transport costs and enhance access to a reliable water supply. This will also boost private-sector activity, increase productivity, stimulate structural transformation, and generate employment.
The second pillar will focus on improving access to emerging technology-based labor markets and access to lower skills for the labor-intensive sectors and include support to Technical Vocational Education and Training to develop mid-level skills of technicians and artisans, fostering gender equality and inclusiveness.