Kenya seeks US support in fresh hunt for cheap loans

Njuguna Ndung'u

Cabinet Secretary for National Treasury and Economic Planning Prof Njuguna Ndung'u.  

Photo credit: File | Nation Media Group

Kenya is now seeking the assistance of the US government to navigate through its cash crisis by accessing cheap loans from the global financial markets.

Nairobi is seeking a sovereign loan guarantee from Washington that would provide Kenya with access to financing from international capital markets at significantly lower rates.

In February, Kenya sold a new $1.5 billion Eurobond at great cost to fund the buyback of a large portion of the $2 billion bond, which is maturing in June 2024.

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