The International Finance Corporation (IFC) is set to offer technical advisory services to the Kenyan government in a $4.8 million (Sh490 million) deal that will ensure the implementation of reforms designed to boost private sector growth.
The project which is called the Kenya Investment Climate Project (KICP 3), is expected to run till December 31, 2021. The development comes amid an improvement in Kenya’s ranking in the World Bank’s Doing Business report, which assesses regulations that encourage business activity.
Kenya was ranked at position 61 in the 2019 edition of the survey, climbing 19 places from 80 last year on the back of reforms across ease in property registration and resolution of bankruptcies.
According to IFC, “KICP 3 is one of three projects under the umbrella Competitiveness Enhancement Programme whose main goal is to strengthen Kenya’s competitiveness and job creation potential through targeted private sector enabling interventions. KICP 3 specifically aims to strengthen the business environment, enhance efficiency and transparency and open markets in key sectors of the economy through targeted legal and regulatory improvements at national and subnational levels”.
KICP3’s success will be evaluated in terms of direct private sector savings, investments and jobs generated, growth in business formalisation, and investment enabling reforms at both the national and county government level.