NAIROBI -(Dow Jones)- The World Bank said Wednesday it has pledged annual commitments of $500 million for the next three years to support a new development program in Kenya.
The new Country Partnership Strategy covers the period 2010-2013 and succeeds the Country Assistance Strategy that had been approved in 2004.
"This new strategy builds on a 50-year partnership between Kenya and the World Bank. It recognizes that Kenya demonstrated significant development progress over 2003 to 2007, and it aims to help Kenya to continue that progress, through sustaining high levels of growth, with equity and environmental sustainability," said Johannes Zutt, the Country Director for Kenya.
The cash will come from two World Bank units--$400 million from the International Development Association and $100 million from the International Finance Corporation.
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