Kenya Seeks Germany’s Commitment on Increased Financing for World Bank Fund
Kenya will seek Germany’s commitment on increasing its financing to “support Africa’s ambition to meet its climate and development goals,” President William Ruto’s press office said in a statement on Friday.
President Ruto is in Germany on an official tour where Nairobi and Berlin signed a labour deal which allows Kenyans to receive a two-year temporary residence permit once their long-term visas for study and vocational training expire, according to a BBC report.
“The only way to deliver a quantum in the trillions is through greater public financial commitment and design of fair and responsive policy measures to unlock additional finance. Germany is a climate leader and must lead in the resolve to deliver a climate finance goal in the trillions, such as what Africa is asking for—a USD 1.3 T per year mobilization goal,” Julius Mbatia, Climate Finance Expert said.
The visit comes ahead of the Hamburg Sustainability Conference scheduled for October, which will bring together policymakers and business leaders to promote multilateral exchange.
In early 2024, President Ruto called on the World Bank to increase its contribution to the International Development Association (IDA) to at least $120bn from the $93bn raised in 2021. The IDA is a World Bank fund that provides low-cost and grant financing to developing countries.
Germany is the fourth largest shareholder of the World Bank, and joined the IDA in 1960.
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