Kenya Raises $210 Million Loan in Race to Fund Eurobond Payment
- East African nation expects more syndicated cash by end-June
- Kenya plans to raise up to $500 million in syndicated loans
Kenya borrowed $210 million from a pan-African lender, as the government scrambles to raise money before a $2 billion eurobond repayment falls due in five months.
The funding received from the Trade & Development Bank adds to a $685 million loan approved by the International Monetary Fund earlier this week. The National Treasury expects further financing from the TDB before June 30, a spokesman said in response to queries, while additional funds are expected from the World Bank and the African Development Bank.