Post by miriammuraba on Feb 1, 2018 8:24:23 GMT 4
Kenya has secured a seven-year, 750 million dollars syndicated loan from the trade development bank to pay off creditors from an earlier two-year syndicated loan that was extended last year. While cabinet secretary Henry Rotich, said last November a six-month extension of the syndicated facility had been agreed with 90 percent of investors the government has had to take on more expensive debt to placate a section of the lenders who have stood their ground on repayment. At the same time, Reuters news agency has reported that the government is set to issue a 1.5 billion dollar Eurobond with a tenure of 10 years by the first week of March, to take advantage of high demand for new issues. Funds raised from a new Eurobond issue could be used to pay off the outstanding amount.