Kenya has received a 750-million US Dollar loan from the World Bank to support its budget and help the East African economy recover from the effects of the COVID-19 pandemic. The disbursement is part of World Bank's Development Policy Operations DPO, which lends cash for budget support instead of financing specific projects.<br />'' <br />'' The bank said, some of the funds would go towards setting up an electronic procurement system for government goods and services to improve transparency. The World Bank said, the concessional loan will have a 3.1 per cent annual interest rate. Typically, World Bank loans have zero or very low interest rates and have repayment periods of 25 to 40 years, with a five or 10-year grace period.<br />'' <br />'' Kenyan Finance Minister Ukur Yatani yesterday presented to Parliament the 2021-22 budget, with a deficit of 7.5 per cent of Gross Domestic Product, reduced from 8.7 per cent for the current fiscal year ending this month. The World Bank forecasts Kenya's economy will grow 4.5 per cent this year and 4.7 per cent in 2022.<br />''  <br />