Africanian News: From Africa, by Africans, for Africans and friends of Africa
The Board of Directors of the African Development Bank Group has greenlit a transformative initiative for Kenya, approving a new five-year Country Strategy Paper (CSP) on December 14, 2023.
The 2024-2028 CSP is poised to ignite private sector-driven growth in Kenya through strategic investments in infrastructure, pivotal reforms, and the nurturing of human capital.
To catalyze growth, the Bank will prioritize initiatives aimed at slashing transport costs and travel time, enhancing access to affordable water and sanitation services, and ramping up agricultural production capacity using innovative irrigation methods to combat food insecurity.
Furthermore, the Bank’s interventions in the energy sector will foster private sector development and drive down the cost of doing business. Anticipated outcomes include significant improvements in public-sector transport commute times and reductions in transport operating costs.
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In tandem with enhancing infrastructure, the Bank will champion projects that bolster human capital development in Kenya, particularly in higher education institutions. By fostering symbiotic relationships between industrial sectors and labor market demands, the Bank aims to equip a growing number of young people and women with relevant skills, thereby increasing employment prospects.
By 2028, the Bank envisions a substantial rise in the percentage of graduates from higher education institutions gainfully employed, alongside a surge in sustainable businesses launched by young entrepreneurs.
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With an active portfolio comprising 51 projects and a total commitment of $4.02 billion as of July 2023, the African Development Bank Group is poised to play a pivotal role in driving Kenya’s journey towards sustained growth and human development.
