The World Bank on Thursday approved the first of three budget support packages for Kenya worth $1.2 billion, to help the East African country address short-term fiscal pressures and accelerate green policies.

c depressed investor confidence and limited capital inflows that had resulted in a rapidly depreciating shilling, the bank said in a statement.

“After tackling the immediate fiscal pressures, the focus can now shift to addressing the country’s longer-term challenges,” said Keith Hansen, World Bank Country Director for Kenya.

The funding package aims to also create a more competitive labour market and strengthen the country’s efforts to combat the impact of climate change, the bank said.

• A Reuters report