W’Bank Headquarters

(Reuters) - The World Bank has committed $1.9 billion for various development projects in Kenya over the next two years, and $400 million has already been disbursed, a senior bank official said.

Through its lending arm, the International Development Association, the bank has already invested over $2 billion in sectors like water, energy and transport infrastructure in east Africa's biggest economy.

"We have a pipeline of up to $1.5 billion to be invested in Kenya over the next two years," Rachel Kyte, World Bank vice president for sustainable development, told a news conference.

The investments have gone into infrastructure projects like power generation and transmission, roads and airports, according to Reuters report.

The World Bank's loans have zero or very low interest charge and repayments are stretched over 25 to 40 years, including a 5 to 10-year grace period

The bank expects the Kenyan economy to grow by 5 percent this year and 5.5 percent in 2013.

"We are optimistic about the possibility for Kenya to sustain really quite high growth rates," Kyte said.

"But in order to do that then the investment climes and the execution of the very compelling vision for energy, for water resources management, for transport and infrastructure need to go apace."