NAIROBI, July 20 (Xinhua) -- Kenya's public debt level is sustainable as a result of prudent macroeconomic policies, a pan-African bank said on Friday.
Akinwumi Adesina, the president of the African Development Bank (AfDB), told journalists in Nairobi that Kenya's public debt currently stands at approximately 54 percent of the Gross Domestic Product.
"Kenya is currently not under any risk of debt distress," Adesina said during a meeting with Henry Rotich, Kenya's Cabinet Secretary in the National Treasury.
Adesina noted that AfDB has been providing financial assistance to Kenya since 1967 and its current portfolio of projects in the East African nation stands at 3.1 billion U.S. dollars.
The president noted that AfDB has now emerged as the second largest financier of projects in Kenya.
The pan African Bank is currently in discussions to fund a number of projects in Kenya in the water, sanitation as well as in the technical training sectors.
Adesina revealed that the bank will ensure that going forward its spending is aligned to Kenya's big four development agenda of universal healthcare, food security, manufacturing and affordable housing.