This toolkit was developed by a team of water and sanitation sector and financial experts, led by Kevin Bender, Task Team Leader/Senior Financial Specialist of the Water and Sanitation Program of the World Bank and Eng. Peter Njaggah of WASREB. The consultant team was led by Ernst & Young LLP (Kenya) and included Afcap Consulting Ltd and WS Atkins International Ltd. The team is grateful to Eng. Robert Gakubia, CEO of WASREB, Glenn Pearce-Oroz, Regional Team Leader, Water and Sanitation Program, Clifford Waithaka, Jemima Sy, and Magdaline Nkando of the World Bank, and all World Bank and WASREB colleagues who provided support throughout the preparation of this document. The publication was supported by the World Bank Water and Sanitation Program’s Kenya Commercial Financing for Urban Water and Sanitation project. The overall objective of the project is to facilitate access to commercial finance for Kenya’s Water Service Providers from commercial lenders by directly supporting all stakeholders involved in the process.