Nairobi, April 26 -- The World Bank has cited three hurdles that Kenya must clear before it unfreezes a Sh96.9 billion ($750 million) loan ahead of June 30 amid the economic shocks triggered by the Iran war.

The multilateral lender reckons it will release the billions once Kenya passes regulations indicating the criteria it uses to determine the beneficiaries of monthly stipends offered to orphans, the elderly and persons living with disabilities.

It also wants regulations guiding the issuance of sustainability-linked bonds (SLBs) and legal backing to a policy that obligates Kenya to raise its tree cover to at least 30 percent by 2032 as part of the Forest Conservation and Management Act.

These are the terms that the World Bank offered...