The World Bank has dismissed a report showing elite Kenyans are hiding billions of US dollars of foreign aid cash in offshore accounts as "illogical and controversial". Felipe Jaramillo, World Bank country director for Kenya, told the Star during a virtual press conference that the report, though partially done by World Bank staff, was not sanctioned by the lender. It is not a World Bank publication," Jaramilo said on Friday. The study was conducted by Bob Rijkers of the World Bank, Jorgen Juel Andersen of BI Norwegian Business School, and Niels Johannesen of the University of Copenhagen. The study compared data on aid disbursements from the World Bank with foreign deposits from the Bank for International Settlements (BIS), focusing on 22 aid-dependent countries including Kenya, Uganda and Tanzania.

Source: The Star May 22, 2020 07:52 UTC