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World Bank President Jim Yong Kim and UN Chief Ban Ki-moon visits Kenya next week

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By Agencies

World Bank President Jim Yong Kim and UN Secretary General Ban Ki-moon arrives in Nairobi next week to strengthen cooperation for peace, security and development in the Horn of Africa. UN Secretary General Ban Ki-moon is expected to boost on going peace efforts in South SudanUN Secretary General Ban Ki-moon is expected to boost on going peace efforts in South Sudan

 

The two who arrives on Tuesday will meet President Uhuru Kenyatta and later meet with private sector representatives to discuss regional integration and economic opportunities for countries in the Horn.

 

Kim visits Kenya at a time when Kenyans are optimistic about prospects for better growth and equity driven by devolution and discovery of petroleum resources.

 

The country has progressed to lower middle-income status following rebasing of its Gross Domestic Product (GDP) in September 2014.

 

But, vulnerability to rising insecurity in the Horn remains a serious challenge. Tourism, a major foreign exchange earner, has suffered from crime linked to terrorism, high youth unemployment and long-standing conflicts over natural resources.

 

Kenya is East Africa’s largest economy and a key partner in the World Bank Group’s strategy of ending global poverty and increasing shared prosperity.

 

Under its new Country Partnership Strategy (CPS) for FY14-18, the Bank Group projects to invest a total of $4 billion mainly through the International Development Association (IDA), the IFC and the Multilateral Investment Guarantee Agency (MIGA).

 

The CPS focuses on three core domains of engagement among competitiveness and sustainability, protecting the vulnerable and helping them to develop their potential and as well as decentralizing power and public services to promote greater equity and long term consistency of public services.

 

IDA, IFC and MIGA are collaborating closely to strengthen development outcomes and impact on beneficiaries.

 

The current IDA portfolio amounts to $4.7 billion in 24 national projects ($3.8 billion) and seven regional projects ($900 million).

New commitments of $484.2 million were delivered in FY14 (July-June) and an estimated $565 million will be available in FY15.

 

The first of the FY15 commitments, the Kenya Petroleum Technical Assistance Project, amounting to $50 million, was approved by the Board of Executive Directors in July 2014.

The IFC has net commitments of $802.6 million, supporting investment and advisory services to help small and medium enterprises, mobilize funding for high impact sectors and improve

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