African Development Bank’s (AfDB) loans to Kenya have grown 37.2 percent in the last five years to cross the half-a-trillion shilling mark, deepening the pan-African lender’s role in the country’s development agenda.
Treasury Cabinet secretary Njuguna Ndung’u said AfDB’s loan portfolio to Kenya hit Ksh584.9 billion ($3.95 billion) by the end of last month from Ksh290.3 billion ($2.88 billion) as of September 2018.
The jump in loans disbursed has made AfDB a major financier of Kenya’s infrastructure projects as well as the private sector, closing in on the ranks of the World Bank and the International Monetary Fund as some of Kenya’s biggest creditors.
AfDB’s presence is mainly in infrastructure projects— a sector whose loan financing peaked in the last five years of former President Uhuru Kenyatta’s administration.
“It is pleasing to note that the portfolio size has increased in value from $2.88 billion in 2018 to $3.95 billion by 30 September 2023 showing a 37.2 percent growth over the last five years,” said Prof Ndung’u.
