The World Bank has approved a US$150 million (Sh16.6 billion) loan to Kenya.
World Bank approves Kenya's Sh16 billion loan on strict conditions
World Bank has directed that 87.5% of the funds will be spent at the county and community level.
According to a statement from World Bank Kenya, the loan is meant to strengthen Kenya's Resilience to Climate Change.
The Locally–Led Climate Action -#FLLoCA program will support locally-led climate resilience projects in all rural wards in Kenya.
One of the key objective of #FLLoCA program is to deliver locally-led climate resilience actions & strengthen county & national governments' capacity to manage climate risks
Notably, 87.5% of the funds resources will be spent at the county and community level, demonstrating the commitment to ensure climate finance reaches the lowest levels and those most vulnerable to climate risks.
The financing will be supplemented by a grant of Sh2.3 billion from the Social Sustainability Initiative for All Umbrella Multi-Donor Trust Fund with resources from the Govts of Denmark & Sweden.
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