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Kenya Power to repay World Bank dollar loan in shillings
Kenya has for the past three years stepped up efforts to lower the cost of electricity, mainly by lowering wholesale prices at which IPPs sell electricity to Kenya Power.
Kenya Power will repay the $300 million (Sh38.7 billion) at current exchange rates) on-lent loan from World Bank in shillings, in what offers the utility significant relief from the burden of servicing foreign-currency-denominated debt.
The firm disclosed on Friday, that the National Treasury is now set to absorb any forex costs if the shilling weakens against the dollar by the time the loan repayment starts.
