Kenya Receives Zero Interest Loan from World Bank Unit

Monday, July 28, 2014

Kenya has received a $50 million loan from a unit of the World Bank at zero interest. The loan is to aid the East African country’s efforts in building capacity to manage its burgeoning petroleum industry.

The loan was issued by World Bank’s International Development Association.

The loan will support the Kenya Petroleum Technical Assistance Project which is aimed at attracting private investment into the sector. It is also aimed at ensuring efficient production and help allocate resources, the bank said in a statement. The funds would also support in the drafting of key policy and planning documents, as well as enhancing the capacity of existing government institutions, it added.

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