The Sh70.4 billion ($500 million) syndicated loan Kenya has secured from a consortium of international lenders has effectively rolled over external debt repayments of a similar margin that are due this month, relieving the Central Bank of Kenya (CBK) from taking a hit on its forex reserves.
The Treasury is getting the loan from US lender Citi Group, Standard Chartered Bank of the UK, the Africa Export-Import Bank (Afrexim Bank) and South African lenders Standard Bank and Rand Merchant Bank (RMB). The loan is meant to fund development projects approved in the just-ended financial year.
