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Vision 2030 board calls for shift in financing

Fred Aminga @faminga

Kenya has spent 60 per cent or about Sh9 trillion of the budget in the last 10 years to deliver Vision 2030.

The funds include cash that went into construction of mega infrastructure projects, delivering socio-political projects such as devolution and even cash transfers to the most vulnerable in the society.

Most of the projects were financed by debt which currently stands at Sh4.6 trillion, and as the delivery board which is celebrating 10 years says, it has hit headroom necessitating new funding models.

According to the chairman of the Vision 2030 Delivery Board, James Mwangi (pictured left with Central Bank Governor Patrick Njoroge), most of the 180 key Vision 2030 projects have been delivered, estimating that the board is halfway through in terms of project delivery.

He says the investments in social, political, economic and infrastructure over the last 10 years laid a solid foundation which has already catapulted the country into low middle-income status.

“The vision is about global competitiveness, both at an individual and enterprise level. We are not yet there, but we are on course to achieving sustainable and inclusive development,” the chairman of the Vision 2030 Delivery Board said yesterday in Mombasa.

The board will spend four of the next 12 years driving the Big Four agenda which has been anchored on delivering jobs, spurring the housing and manufacturing sector, delivering quality health and ensuring there is food security in the country.

Central Bank Governor Patrick Njoroge said the country must now seek new funding models to implement its growth strategies since debt had hit headroom.

He singled out public private partnership initiatives in which private money can be used only to be recouped latter through charging tolls or government-to-government loans for the cost.

“The devolved system of government under the current constitution continues to open up the entire country, together with investment in expanding and modernising infrastructure. So much has gone towards improving lives of Kenyans through investment in health, education, among other amenities,” said Planning principal secretary Julius Muia.

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