The World Bank unit the International Finance Corporation (IFC) has signed a deal worth $4.8 million with the government of Kenya to provide technical advisory services to help strengthen reforms that will stimulate private sector growth.

The project created by the World Bank for Kenya private sector reforms, The Kenya Investment Climate Project (KICP 3,) is expected to run until December 31, 2021. The project will help improve Kenya’s ranking in the World Bank’s Doing Business report which is a flagship survey that provides objective reports of business performances for local firms.

In the 2019 survey, Kenya ranked 61 from 80 last year in areas including property registration and resolution of bankruptcies. “KICP 3 is one of three projects under the umbrella Competitiveness Enhancement Programme whose main goal is to strengthen Kenya’s competitiveness and job creation potential through targeted private sector enabling interventions,” IFC said. Specifically, the project will aim to boost the country’s business ecosystem and open markets in key sectors by introducing regulatory improvements at the national and subnational levels.

Factors such as direct private sector savings, investments, and jobs generated, growth in business formation, and investment enabling reforms at both the national and the country government level will determine the project’s success, reports Business Daily.

Local companies that became insolvent are currently managed by creditor-appointed administrators.