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Kenya to take first Sh65 billion UAE loan
National Treasury and Economic Planning Cabinet Secretary John Mbadi addressing journalists outside the National Treasury Building in Nairobi on February 13, 2025.
Kenya will next week draw down the first tranche of $500 million (Sh64.8 billion) from the $1.5 billion (Sh194.3 billion) United Arab Emirates (UAE)- backed commercial loan as it races to close the external budget financing target before the end of June.
Treasury Cabinet Secretary John Mbadi said that the government has the option of drawing down a maximum of $1 billion (Sh129.5 billion) from the facility before the end of June, but it has opted for half of this amount, pushing the remaining drawdown of $1 billion into the next fiscal year.
