The World Bank has approved Sh4.5 billion for Kenya to strengthen its capacity to manage the oil and gas sector to create sustainable growth across the country. The Kenya Petroleum Technical Assistance Project (KEPTAP) will focus on measures to generate more private investment in the oil and gas industry, boost efficient production, allocate higher government oil and gas revenues for development priorities, and increase collaboration between the these extractives sectors and the domestic economy.
“The project supports effective government management of the oil and gas industry through capacity building, technical assistance, training programs, and the development of a legal and institutional framework,” says Alexander Huurdeman, the World Bank Task Team Leader for the project. “We are excited for its implementation and the potential to create sustainable impacts for Kenya, including the development of a petroleum industry, improved transport infrastructure, expanded power supply, job creation, and positive economic benefits from strategic investment of the revenues generated.”
According to Diarietou Gaye, the World Bank’s Country Director for Kenya, “Kenya acknowledges that the development of a successful petroleum sector is never about petroleum alone, but also about managing its impacts for sustainable development . The World Bank supports the government’s efforts to streamline the petroleum sector to increase efficiency of decision-making related to policy formation, planning, investments, and private sector participation.”
The project is expected to help reduce poverty. “Transparency and good governance in oil contracts and revenue will be ensured through stronger collaboration between the national and county governments hosting the new petroleum resources and also with civil society organizations, private sector and local communities in these areas,” said a statement from the Bank. New laws, policies and plans will be drafted to guide the sector. There will be significant emphasis on training so government staff is well equipped
to deliver the expected outcomes. The project will also increase vocational training capacity for the oil and gas sector of Kenya therefore increasing the availability of trained staff to the private sector
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