Kenya has turned to a United Arab Emirates (UAE) backed $1.5 billion (Sh193.8 billion) bond in the wake of the International Monetary Fund (IMF) funding hitch to plug the country’s financing shortfall as the royal Emiratis seek a wider influence in Africa.
The UAE will guarantee the bond as Kenya expands the range of financing available after withdrawal of the Financing Bill, 2024 and delays in the disbursement of $600 million (Sh77.5 billion) from the IMF that have left the country in dire need of funds.
