AfDB flags several Kenyan projects for suspected graft

African Development Fund headquarters. [iStockphoto]

The African Development Bank (AfDB) wants to tighten oversight of its multibillion-dollar investments in local companies, the multilateral lender now says.

AfDB, which has funnelled tens of billions of shillings into Kenyan companies in the last decade, says most of the projects have been marred by several "implementation challenges" and require closer scrutiny.

"The bank's portfolio in the region is facing a number of challenges and requires close monitoring," said AfDB in internal documents seen by Standard Business.