Kenya awaits World Bank funds to offset rising oil prices

Kenya is expected to receive roughly $400 million to $400 million in emergency World Bank financing within six weeks through the Rapid Response Option, with final disbursement dependent on completion of a contingency emergency response framework. The funding was sought after Middle East conflict drove up crude oil prices and is intended to cushion the economy from high energy costs while supporting health preparedness for regional Ebola risks and agriculture and water resources threatened by El Niño-related flooding. Kenya could access up to 10% of its undisbursed World Bank portfolio, which exceeds $7 billion, though the final amount will depend on the balance when the agreement is completed. The World Bank said it is working with Kenya to finalize the framework, while forecasts of above-normal rains have raised concerns about widespread flooding and displacement.