Kenya reaps dividends of peace as lenders come calling

World Bank President Dr.Jim Yong Kim (left) flanked by UN Secretary General Ban-Ki-Moon speaks at State House,Nairobi on the night of Wednesday,October 29 after holding talks with President Uhuru Kenyatta . PHOTO:COLLINS KWEYU/STANDARD

Nairobi; Kenya: Last week, it was a rare moment when Kenya hosted a high-ranking delegation of international development partners and donors.

The overriding message by the United Nations, World Bank, European Union, Islamic Development Bank Group, and the African Development Bank was on the interdependence between peace and development.

At State House, Nairobi, President Kenyatta noted: "We are guided by the fundamental understanding that together we can achieve the positive transformation of our region."

Some of the development partners present at the meeting promised Sh716 billion ($8.3 billion) to support peace and development in the Horn of Africa. This, by far, is the largest investment dedicated towards a cause that has remained elusive in the continent and whether it bears fruit is a question for even the fighting communities in Kenya's vast Rift Valley to answer.

President Kenyatta promised that Kenya would continue to devote its resources and expertise to building a stable region that is integrating economically to achieve inclusive prosperity for all people.

This comes at a time when the World Bank and the International Monetary Fund cut the region's improved economic growth outlook due to threats from Ebola outbreak and the persistent attacks by the Boko Haram and Al-Shabaab.
The World Bank lowered its forecast for economic growth in sub-Saharan Africa to 4.6 per cent this year compared with 5.2 per cent in April. The IMF cut its 2014 economic outlook for the region to 5.1 per cent from an earlier estimate of 5.4 per cent.

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United Nations Secretary General Ban Ki-moon said the countries of the Horn of Africa are making important yet unheralded progress in economic growth and political stability.
"Now is a crucial moment to support those efforts, end the cycles of conflict and poverty, and move from fragility to sustainability," he stated.

Ki-moon added that the body joins other global and regional leaders to ensure a coherent and coordinated approach towards peace, security and development in the Horn of Africa.

World Bank Group President Jim Yong Kim stated there is greater opportunity now for the Horn of Africa to break free from its cycles of drought, food insecurity, water insecurity, and conflict by building up regional security, generating a peace dividend, especially among young women and men, and spurring more cross-border cooperation."