Kenya Said to Be Near $800 Million Citibank, StanChart Loan (Bloomberg)

Kenya is close to signing an $800 million syndicated loan with four banks to help fund infrastructure projects and support the shilling, according to a person familiar with the matter.

East Africa’s biggest economy is expected to sign the three-year facility with Citigroup Inc., Standard Bank Group Ltd., Standard Chartered Plc and Rand Merchant Bank by Tuesday, the person said, declining to be identified because he isn’t authorized to speak on the matter. Kamau Thugge, the Treasury’s principal secretary, didn’t answer calls and text messages seeking comment.

The government also secured $500 million from lenders led by the Trade and Development Bank, an East African trade-finance bank based in Burundi, the person said. The 10-year loan is in addition to the $250 million it raised from the same lenders last month.

The loans come as the nation faces debt repayments of about $8 billion this year, including interest, according to data compiled by Bloomberg. Kenya, which hasn’t

ruled out a Eurobond sale, may borrow as much as 250 billion shillings ($2.4 billion) externally in the fiscal year that begins on July 1, the person said. That’s more than the 206 billion shillings the government said it will raise in budget estimates submitted to parliament last week.

Spokesmen for both Citigroup and Standard Bank referred questions to the Kenyan Treasury. Standard Chartered and RMB declined to comment.

Kenya plans to raise 154 billion shillings through external borrowing in the current budget year that ends June 30, to finance a deficit estimated by the Treasury at 9.6 percent of gross domestic product.

https://www.bloomberg.com/news/articles/2017-02-20/kenya-said-to-be-near-800-million-loan-with-citibank-stanchart-izec90o4

they cant even account for eurobond yet they are going for more loans this close to an election,lord save our children’s future from this madness.

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Does this fall under jubilee FDI or development?

Kukopa sio shida shida ni vile hizo pesa zitatumiwa 70%+ will end up in few peoples pockets having provided zero service

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Hii ndio inaitwa living beyond your means.Turudishiwe tu Kibaki hawa technocrats watatumaliza

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Kibaki also used to borrow but the country GDP was high and so we were on a good scale,nowadys the government is unapologetically eating more than we are producing.

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Eeeeeeeeeh hii italipwa aje @spear? Hii si good news kama spear hajatangaza

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Kuna swali niliuliza hadi nikachoka, this was the question. Out of every Ksh 100.00 that the G.o.K spends, how much is looted ?

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80 bob is my estimate

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$8B…kwani amherst walifunza uhunye economics bonoko …

Tuli uzwa kitaaaaambooo…tutakua tuna zaa watoi wanapelekwa nchi nyingine kama slave kulipa madeni.

The maiden voyage has to be accomplished by first June. We have to be on that train, tupende tusipende. Corruption is our own undoing. With the kid of borrowing, the common mwananchi should be feeling the impact of good growing economy. Lakini kuingiza stima kwa boma has been subsidized

U are right, this kind of borrowing for the purposes of infrastructure, the common mwananchi should be feeling it in a positive way.
At this time construction industry should be among the highest employer.

My guess is 70 bob

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Bitcj meet all the unemployed not just one!

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Total Bullshit, where is the government policy on unemployment. Am double sure we don’t have the statistics on the same.

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There was a time Hon. Sakaja was talking of introducing a bill in parliament about an unemployment database…It seems that he didn’t get far with it…Or probably the statistics are too grave to contemplate.
I saw it somewhere today that KCB is also planning to lay off staff

https://www.standardmedia.co.ke/business/article/2001230109/jitters-grip-kcb-staff-as-lender-to-axe-over-500-employees

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Employment report is something G.o.K should be releasing every 3 months. It seems we are much interested in voting patterns though.

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Kenyan govt will never do that even if we were not in an election year because the stats have always been too grim, thats why we are always being told that unemployment rate is 40% since Kibaki’s govt.

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500 si ni wengi sana. :eek::eek::eek::eek: I pity guys who have loans and are getting laid off.