Kenya To Use $800 Million Loan To Fund Infrastructure Projects

Kenya is close to signing an 800 million dollar syndicated loan with four banks. The money is to fund infrastructure projects and support the shilling. Bloomberg reports that a 3-year facility is expected to be signed with Citigroup, Standard Bank, Standard Chartered and Rand Merchant Bank by the end of the day. Kenya has also secured 500 million dollars from lenders led by the Trade and Development Bank. The 10-year loan is in addition to the 250 million dollars it raised from the same lenders last month. The loans come as the nation faces debt repayments of about 8 billion dollars this year, including interest.
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