Wednesday May 20, 2020 – Kenya has been ranked second in a list of countries that appear to have siphoned huge amounts of foreign aid into offshore bank accounts.

The World Bank published a report titled Elite Capture of Foreign Aid Evidence from Offshore Bank Accounts – which included Kenya as one of the notorious poor countries which have huge amounts of money stored in foreign bank accounts.

Kenya was ranked second with Sh 306 billion meant for aid having been transferred to foreign accounts – out of which Sh 128 billion was stashed in tax havens widely associated with corruption and tax evasion.

Jordan was ranked at position one among 22 aid dependent countries that were included in the study which considered data from 2009 to 2019.

The Middle Eastern country stashed Sh 313 billion in foreign accounts – out of which Sh 204 billion was stashed in tax havens.

This money was stashed in the period between 2019 and 2020 when President Uhuru Kenyatta entered a political deal with Orange Democratic Movement (ODM) party leader, Raila Odinga.


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