Nairobi — The Kenya Development Corporation (KDC) will get Sh20 billion from the World Bank (WB) under a new agreement.

The capital will be used to fast-track the WB's funded projects in the country, with the aim of deepening and widening access to capital and credit.

Targeted areas are pastoralists, job transformation, and entrepreneurship.

"We discussed among other things, how to fast track ongoing world bank projects in the country aimed at deepening and broadening access to capital and credit," Cabinet Secretary for Trade Moses Kuria said.

Among ongoing WB projects in the country are the Kenya Industry and Entrepreneurship (KIEP) Project, which targets industrialization in the SME sector, as well as the Kenya Jobs and Economic Transformation (KJET) Project.

KJET enhances Kenya's competitiveness in the MSME sector through targeted business climate reforms that will yield more and better jobs.

The global lender has recently been undertaking projects in collaboration with local state corporations.

In April, for example, the WB Group Board of Directors approved $390 million in financing for the first phase of a program that aims to expand access to high-speed internet, improve the quality and delivery of education and selected government services, and build skills for the regional digital economy.