Financial Sector Support Project

Abstract*

The objective of the Financial Sector Support Project for Kenya is to strengthen the legal, regulatory and institutional environment for improved financial stability, access to, and provision of, affordable and long term financing. The project will have four components. The first component is the strengthening institutions. This component will focus on the overarching reform, modernization, and capacity support to the financial sector institutional... Show More

Development Objective

The project's development objective is to strengthen the legal, regulatory and institutional environment for improved financial stability, access to and provision of, affordable and long term financing.

Key Details

Project Details

Project ID
P151816
Status
Closed
Team Leader
Sameer Goyal
Borrower 2
Republic of KENYA

Country
Kenya
Disclosure Date
March 10, 2015
Approval Date
(as of board presentation)
April 30, 2015
Effective Date
July 10, 2015

Total Project Cost 1
US$ 37.00 million
Implementing Agency
Directorate of Budget & Fiscal & Economic Affairs
Region
Eastern and Southern Africa
Fiscal Year 3
2015

Commitment Amount
US$ 37.00 million
Environmental Category
C
Environmental and Social Risk
Not Applicable
Closing Date
June 30, 2022

Consultant Services required
TBD
Last Stage Reached
BANK APPROVED
Last Update Date
April 27, 2023

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Financial Stability100%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring100%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	37.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	37.00
IBRD + IDA Commitment	37.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	37.00

Summary Status of World Bank Financing (US$ Millions) as of April 30, 2025

No data available.

Detailed Financial Activity as of April 30, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Apr 30, 2015	IDA-56270	Loan Commitment	37,000,000.00
Aug 1, 2022	IDA-56270	Loan Repay	543,662.70
Aug 1, 2022	IDA-56270	Int Charges	80,083.12
Feb 1, 2017	IDA-56270	Int Charges	9,435.63
Feb 1, 2017	IDA-56270	Int Charges	9,435.63
Mar 7, 2017	IDA-56270	Loan Disb	462,372.88
Oct 28, 2016	IDA-56270	Loan Disb	379,276.10
Aug 22, 2016	IDA-56270	Loan Disb	187,862.40
Aug 1, 2016	IDA-56270	Int Charges	152.94
Aug 1, 2016	IDA-56270	Int Charges	152.94
Aug 1, 2016	IDA-56270	Int Charges	7,690.57
Aug 1, 2016	IDA-56270	Int Charges	7,690.57
May 5, 2017	IDA-56270	Loan Disb	457,641.90
Jun 28, 2017	IDA-56270	Loan Disb	323,621.10
May 19, 2017	IDA-56270	Loan Disb	224,095.22
Jun 1, 2017	IDA-56270	Loan Disb	47,867.09
Feb 21, 2017	IDA-56270	Loan Disb	5,651.44
Aug 9, 2017	IDA-56270	Int Charges	165.40
Aug 9, 2017	IDA-56270	Int Charges	165.40
Aug 9, 2017	IDA-56270	Int Charges	69.84
Aug 9, 2017	IDA-56270	Int Charges	69.84
Aug 23, 2017	IDA-56270	Loan Disb	345,993.00
Aug 9, 2017	IDA-56270	Int Charges	12,873.35
Aug 9, 2017	IDA-56270	Int Charges	12,873.35
Nov 3, 2017	IDA-56270	Loan Disb	482,276.40
Feb 15, 2018	IDA-56270	Loan Disb	261,078.48
Feb 7, 2018	IDA-56270	Int Charges	525.32
Jan 7, 2020	IDA-56270	Loan Disb	112,459.46
Apr 9, 2020	IDA-56270	Loan Disb	41,251.31
Jun 24, 2020	IDA-56270	Loan Disb	207,126.53
Jun 24, 2020	IDA-56270	Loan Disb	218,184.02
May 14, 2020	IDA-56270	Loan Disb	372,323.72
Jun 16, 2020	IDA-56270	Loan Disb	322,594.66
Jul 30, 2020	IDA-56270	Loan Disb	518,296.44
Oct 15, 2020	IDA-56270	Loan Disb	1,001,789.25
Aug 1, 2020	IDA-56270	Int Charges	625.24
Aug 1, 2020	IDA-56270	Int Charges	625.24
Aug 1, 2020	IDA-56270	Int Charges	68,501.28
Aug 1, 2020	IDA-56270	Int Charges	68,501.28
Jan 19, 2021	IDA-56270	Loan Disb	385,073.25
Feb 3, 2021	IDA-56270	Int Charges	2,805.61
Feb 3, 2021	IDA-56270	Int Charges	2,805.61
Feb 3, 2021	IDA-56270	Int Charges	80,201.28
Feb 3, 2021	IDA-56270	Int Charges	80,201.28
Apr 1, 2021	IDA-56270	Loan Disb	556,342.25
Sep 17, 2021	IDA-56270	Loan Disb	1,453,502.50
Aug 1, 2021	IDA-56270	Int Charges	84,598.99
Aug 1, 2021	IDA-56270	Int Charges	84,598.99
Aug 1, 2021	IDA-56270	Int Charges	440.25
Aug 1, 2021	IDA-56270	Int Charges	440.25
Aug 1, 2021	IDA-56270	Loan Repay	587,135.20
Aug 1, 2022	IDA-56270	Loan Repay	726.80
Feb 7, 2018	IDA-56270	Int Charges	525.32
Feb 7, 2018	IDA-56270	Int Charges	18,624.69
Feb 7, 2018	IDA-56270	Int Charges	18,624.69
Mar 12, 2018	IDA-56270	Loan Disb	194,249.73
Jan 22, 2018	IDA-56270	Loan Disb	899,390.20
Apr 6, 2018	IDA-56270	Loan Disb	2,000,000.00
Jun 13, 2018	IDA-56270	Loan Disb	246,748.25
Jul 5, 2018	IDA-56270	Loan Disb	193,973.86
Sep 17, 2018	IDA-56270	Loan Disb	103,799.54
Aug 1, 2018	IDA-56270	Loan Disb	871,016.80
May 7, 2018	IDA-56270	Loan Disb	165,506.60
Jan 24, 2019	IDA-56270	Loan Disb	47,804.99
Jan 18, 2019	IDA-56270	Loan Disb	153,017.84
Aug 1, 2018	IDA-56270	Int Charges	579.58
Aug 1, 2018	IDA-56270	Int Charges	579.58
Aug 1, 2018	IDA-56270	Int Charges	29,443.39
Aug 1, 2018	IDA-56270	Int Charges	29,443.39
Jan 30, 2019	IDA-56270	Loan Disb	46,552.89
Feb 11, 2019	IDA-56270	Int Charges	37,434.34
Feb 11, 2019	IDA-56270	Int Charges	40.96
Feb 11, 2019	IDA-56270	Int Charges	40.96
Feb 11, 2019	IDA-56270	Int Charges	37,434.34
Feb 5, 2019	IDA-56270	Loan Disb	65,524.32
Feb 8, 2019	IDA-56270	Loan Disb	66,000.00
Dec 5, 2018	IDA-56270	Loan Disb	1,156,588.40
Oct 23, 2018	IDA-56270	Loan Disb	221,668.55
Mar 6, 2019	IDA-56270	Loan Disb	97,239.60
May 14, 2019	IDA-56270	Loan Disb	258,656.30
Jun 14, 2019	IDA-56270	Loan Disb	340,399.10
Mar 11, 2019	IDA-56270	Loan Disb	267,670.47
Jun 26, 2019	IDA-56270	Loan Disb	220,522.83
Jun 5, 2019	IDA-56270	Loan Disb	202,953.31
May 29, 2019	IDA-56270	Loan Disb	50,806.44
May 17, 2019	IDA-56270	Loan Disb	411,774.97
Nov 26, 2019	IDA-56270	Loan Disb	636,073.44
Aug 22, 2019	IDA-56270	Loan Disb	400,792.75
Oct 8, 2019	IDA-56270	Loan Disb	1,673,466.20
Aug 30, 2019	IDA-56270	Int Charges	45,648.92
Aug 30, 2019	IDA-56270	Int Charges	45,648.92
Aug 30, 2019	IDA-56270	Int Charges	1,529.65
Aug 30, 2019	IDA-56270	Int Charges	1,529.65
Feb 13, 2020	IDA-56270	Loan Disb	461,659.06
Mar 9, 2020	IDA-56270	Loan Disb	490,336.25
Dec 6, 2019	IDA-56270	Loan Disb	27,646.33
Aug 10, 2015	IDA-56270	Loan Disb	2,000,000.00
May 27, 2016	IDA-56270	Loan Disb	36,235.41
May 27, 2016	IDA-56270	Loan Disb	10,211.46
Feb 10, 2016	IDA-56270	Int Charges	7,036.78
Feb 10, 2016	IDA-56270	Int Charges	7,036.78
Jan 14, 2016	IDA-56270	Loan Disb	17,211.87
Jul 11, 2016	IDA-56270	Loan Disb	159,895.69
Feb 1, 2017	IDA-56270	Int Charges	33.33
Feb 1, 2017	IDA-56270	Int Charges	33.33
Aug 1, 2022	IDA-56270	Int Charges	80,083.12
Aug 18, 2022	IDA-56270	Loan Disb	4,477,472.50
Feb 1, 2022	IDA-56270	Loan Repay	7,649.62
Feb 1, 2022	IDA-56270	Int Charges	85,294.17
Feb 1, 2022	IDA-56270	Int Charges	85,294.17
Feb 1, 2022	IDA-56270	Loan Repay	566,824.56
Feb 1, 2023	IDA-56270	Loan Repay	11,497.19
Feb 1, 2023	IDA-56270	Loan Repay	543,901.25
Feb 1, 2023	IDA-56270	Int Charges	80,454.78
Feb 1, 2023	IDA-56270	Int Charges	80,454.78
May 12, 2023	IDA-56270	Loan Disb	-78,106.05
Aug 1, 2023	IDA-56270	Int Charges	14,639.87
Aug 1, 2023	IDA-56270	Int Charges	14,639.87
Aug 1, 2023	IDA-56270	Int Charges	89,024.98
Aug 1, 2023	IDA-56270	Int Charges	89,024.98
Aug 1, 2023	IDA-56270	Loan Repay	550,537.06
Jun 5, 2023	IDA-56270	Loan Cancel	8,873,526.00
Jun 5, 2023	IDA-56270	Loan Disb	-649,341.25
Jul 11, 2022	IDA-56270	Loan Disb	-231,796.40
Aug 1, 2024	IDA-56270	Int Charges	85,058.31
Aug 1, 2024	IDA-56270	Int Charges	85,058.31
Feb 1, 2024	IDA-56270	Int Charges	-6,905.54
Feb 1, 2024	IDA-56270	Int Charges	6,905.54
Feb 1, 2024	IDA-56270	Int Charges	2,134.86
Feb 1, 2024	IDA-56270	Int Charges	2,134.86
Feb 1, 2024	IDA-56270	Loan Repay	395,611.20
Feb 1, 2024	IDA-56270	Int Charges	87,528.96
Feb 1, 2024	IDA-56270	Int Charges	87,528.96
Aug 1, 2024	IDA-56270	Loan Repay	1,226.97
Aug 1, 2024	IDA-56270	Loan Repay	393,428.60
Dec 10, 2019	IDA-56270	Loan Disb	208,386.23
Feb 19, 2020	IDA-56270	Loan Disb	48,653.01
Mar 4, 2020	IDA-56270	Loan Disb	216,070.72
Dec 31, 2019	IDA-56270	Loan Disb	206,898.27
Feb 12, 2020	IDA-56270	Loan Disb	442,263.78
Feb 1, 2020	IDA-56270	Int Charges	406.85
Feb 1, 2020	IDA-56270	Int Charges	406.85
Feb 1, 2020	IDA-56270	Int Charges	56,356.36
Feb 1, 2020	IDA-56270	Int Charges	56,356.36

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Procurement	Moderately Satisfactory	2022-05-10
Project Management	Moderately Satisfactory	2022-05-10
Overall Implementation Progress (IP)	Moderately Satisfactory	2022-05-10
Monitoring and Evaluation	Moderately Satisfactory	2022-05-10
Progress towards achievement of PDO	Satisfactory	2022-05-10
Financial Management	Moderately Satisfactory	2022-05-10

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 04-28-2023
Outcomes	Substantial
Risk to Development Outcome
Bank Performance	Substantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 06-29-2023	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Satisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Reduced net interest margin Value No Yes No
Date May 1, 2015 June 30, 2022
Comment
Long-term assets held by pension funds Value 47.00 51.00 49.00
Date May 1, 2015 June 30, 2022
Comment
Implement Kenya Deposit Insurance Corporation (KDIC) bank resolution/crisis management operational framework Value No Yes Yes
Date August 24, 2018 June 30, 2022 April 30, 2021
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Depth of credit information index Value 0.00 8.00 1.00
Date May 1, 2015 June 30, 2022
Comment
Increase in Insurance coverage Value 2.80 2.24 4.20
Date May 1, 2015 June 30, 2022
Comment
Increase in banked retail investor Accounts (MAkiba) Value 15000.00 582572.00 0.00
Date May 1, 2015 June 30, 2022
Comment
Draft framework for sub-national entities on debt management Value No Yes No
Date May 1, 2015 June 30, 2022
Comment
Crisis simulation training and practice sessions undertaken regularly to activate KDIC operational framework for crisis management Value 0.00 1.00 0.00
Date November 5, 2018 June 30, 2022
Comment
Draft framework / regulation for new long term products Value 0.00 4.00 0.00
Date May 1, 2015 June 30, 2022
Comment
Number of MDAs services using electronic payment instruments Value 0.00 350.00 200.00
Date May 1, 2015 June 30, 2022
Comment
Draft legal framework for a secured transactions regime Value No Yes No
Date May 1, 2015 June 30, 2022
Comment
Increase in Pension coverage Value 15.00 25.00 15.00
Date May 1, 2015 June 30, 2022
Comment
Increase in volume of secondary market transactions of government debt Value N/A Yes No
Date May 1, 2015 June 30, 2022
Comment

Reduced net interest margin	Value	No	Yes	No
	Date	May 1, 2015	June 30, 2022
	Comment

Long-term assets held by pension funds	Value	47.00	51.00	49.00
	Date	May 1, 2015	June 30, 2022
	Comment

Depth of credit information index	Value	0.00	8.00	1.00
	Date	May 1, 2015	June 30, 2022
	Comment

Increase in Insurance coverage	Value	2.80	2.24	4.20
	Date	May 1, 2015	June 30, 2022
	Comment

Increase in banked retail investor Accounts (MAkiba)	Value	15000.00	582572.00	0.00
	Date	May 1, 2015	June 30, 2022
	Comment

Increase in Pension coverage	Value	15.00	25.00	15.00
	Date	May 1, 2015	June 30, 2022
	Comment

Crisis simulation training and practice sessions undertaken regularly to activate KDIC operational framework for crisis management	Value	0.00	1.00	0.00
	Date	November 5, 2018	June 30, 2022
	Comment

Number of MDAs services using electronic payment instruments	Value	0.00	350.00	200.00
	Date	May 1, 2015	June 30, 2022
	Comment