The World Bank Group, in partnership with the Commission for Revenue Allocation, has rolled out County Creditworthiness Academy in Kenya which seeks to educate County Government financial officials and the central government staff on creditworthiness .
The academy seeks to aid county officials identify solutions to the key risks, market failures, and obstacles to failures in market-based financing and ultimately enable help towns to play a huge role in addressing development challenges.
Manuel Moses, the International Finance Corporation Country Manager, noted that the training reflects World Bank Group principle that devolution is key to ending poverty and promoting shared prosperity in Kenya.
IFC is World Bank’s member institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries.
“This requires multiple initiatives such as supporting County Governments on the path to creditworthiness
to unlock the potential for achieving larger, longer-term, and sustainable financing,” he said.
Officials including chief financial officers, treasurers, revenue directors and planners are expected to increase their scope in the various options for financing: revenue management and enhancement; expenditure control and asset maintenance; capital investment planning; debt management.
“We encourage the Academy participants to learn from the various experiences shared by the Faculty and other key speakers who have amassed tremendous expertise from decades of experience in credit worthiness, both as market participants and as knowledge leaders.”said CRA Chair Dr Jane Kiringai.
Nine counties have been confirmed by the Commission for Revenue Authority to be part of the academy.