Kenya Consolidates its Loans

Kenya is in advanced talks with the World Bank for “a fairly priced” loan of up to $991.57 million, nearly half of its required external funding this fiscal year. The East African nation wants to cut debt from overseas capital markets, after a borrowing binge in recent years, including Eurobond offerings, a package of Chinese loans and syndicated commercial loans. The balance of the funds will be raised through Kenya’s first sovereign green bond. The World Bank, which has multiple development funding programs with Kenya worth billions of dollars, is seen as one of the viable alternatives to commercial debt.Source: REUTERS AFRICA