On 14th December 2023, the African Development Bank Group’s Board of Directors approved a new five-year Country Strategy Paper (CSP) for Kenya.
The 2024-2028 CSP aims to enhance private sector-driven growth by focusing on infrastructure development, strategic reforms, and human capital development.
These priority areas will complement each other and build on the achievements made with the Bank’s assistance, while continuing to support Kenya’s vision of structural transformation and strengthening resilience.
Zerihun Gudeta Alemu, the Bank’s Chief Country Economist in Kenya, stated that “ the support within the new CSP 2024-2028 will be selectively focused on four sectors: transport, water, economic governance, and skills development. The Bank’s interventions will target reducing transport costs and travel time, improving access to affordable water and sanitation services, and increasing agricultural production capacity using irrigation to combat food insecurity in the country. The Bank will also finance operations in the energy sector to bolster private sector development and reduce the cost of doing business”
In addition, the Bank will support the Kenyan government’s projects that encourage the development of human capabilities in higher education institutions.
The Bank’s operation will aim to open investment prospects for transforming education and training by developing relationships between industrial sectors aligned with labor market needs.
The long-term goals include increasing the number of young people and women with relevant skills for the labor market, raising the number of graduates from higher education institutions in employment to 40 percent by 2028, and increasing the number of sustainable businesses created by young entrepreneurs from 500 in 2023 to 2,000 in 2028.
As of July 2023, the African Development Bank Group’s active portfolio in Kenya comprised 51 projects, with a total commitment of $4.02 billion.
Source : The African Development Bank Group
