Washington DC, April 20, 2010— The World Bank Board of Executive Directors endorsed a new Country Partnership Strategy (CPS) for Kenya, which will support the country’s efforts to promote growth, equity and manage resource constraints.
The CPS, which covers the period from 2010-13, succeeds the Country Assistance Strategy (CAS) that the Board approved in 2004.
“This new strategy builds on a 50-year partnership between Kenya and the World Bank. It recognizes that Kenya demonstrated significant development progress over 2003 to 2007, and it aims to help Kenya to continue that progress, through sustaining high levels of growth, with equity and environmental sustainability,” said Johannes Zutt, the Country Director for Kenya.
The CPS presents an integrated strategy for each of the Bank Group institutions working in Kenya—the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). The Bank, through IDA and IFC, envisage annual commitments to Kenya of US$400 million and US$100 million respectively.
The Strategy was concluded following months of consultations across the country with the government and important stakeholders in Kenya’s development process, including the private sector, civil society, parliamentarians, media, faith-based organizations, youth and development partners.
In their comments on the strategy, the Bank Group’s Executive Directors noted the economic, social and political challenges facing Kenya’s Government and people in their effort to implement Vision 2030—a long-term strategy launched by the government in 2008, which aims to transform Kenya into a globally competitive middle-incomes country by 2030. Vision 2030 seeks to achieve GDP growth of 10 percent per annum; build a just society enjoying equitable social development in a clean and secure environment; and establish a people-centered, result-oriented, accountable democratic political system.
The CPS recognizes that Kenyans are the key contributors of the country’s development, providing 95 percent of the government’s budget through tax payments. The Bank will leverage its finance and knowledge to intervene in areas that will assist Kenyans to achieve their development goals.