World Bank urged to remove bottlenecks limiting access to its loans
By Kazungu Chai
NAIROBI, 21 Jan 2015 (PSCU) – President Uhuru Kenyatta has urged the World Bank to remove bureaucratic bottlenecks that slowdown disbursement of its loans.
Saying Kenya has embarked on the implementation of mega projects that have scaled up its capacity to absorb additional capital inflows, President Kenyatta said removal of the hurdles will boost access to funding from the Bretton Woods institutions.
“We are looking at expanding our railway and our power connectivity. We are determined to promote education and health sectors. We are, therefore, looking at the Word Bank as an institution that will nurture these projects for the benefit of Kenyans,” President Kenyatta said.
The President spoke today during a meeting with World Bank Executive Director, Louis Larose, who paid him a courtesy call at State House, Nairobi.
President Kenyatta said his administration looks forward to working with the bank in implementing projects that will promote the ease of doing business and propel Kenya into a financial hub within the region and the African continent.
He added that Kenya would also welcome additional support from the bank to tackle emerging challenges including terrorism.
“We need to work together in improving security. Without security, all the good projects that we intend to implement for our people will come to naught,” the President said.
Dr. Larose assured President Kenyatta of World Bank’s support, saying the bank was looking at Kenya ‘with positive lenses’.
The Executive Director congratulated the President for initiating reforms that have accelerated Kenya’s economic growth.