World Bank Group unveils Creditworthiness Academy for Counties
The World Bank Group, in collaboration with the Commission for Revenue Allocation today launched County Creditworthiness Academy, an intensive one-week capacity building workshop for County government financial officials and the central government staff to master the underlying principles of creditworthiness.
The Academy is part of the World Bank Group’s Mobilizing Finance for Development agenda, focused on identifying solutions to the key risks, market failures, and obstacles that prevent market-based financing from playing a greater role in addressing development challenges.
“The World Bank Group believes that devolution is key to ending poverty and promoting shared prosperity in Kenya,” said Manuel Moses, IFC East Africa, Country Manager. “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.”
The Academy provides access to capacity building support, international expertise, local hands-on assistance, peer-to-peer networking, credit rating and transaction guidance; to reform minded sub-national governments. The training deals with the full range of factors affecting counties’ creditworthiness, revenue management and enhancement; expenditure control and asset maintenance; capital investment planning; debt management; the use of special purpose vehicles to “ring fence” specific revenues; and scoping out options for financing.
Nine counties, who were prequalified by the Commission for Revenue Allocation (CRA) using objective criteria, are part of the training. The staff in attendance include chief financial officers, treasurers, revenue directors and planners.
“We at CRA value the partnership with the World Bank Group,” said CRA Chair, Dr. Jane Kiringai. 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.”