Kenya goes for $1b syndicated loan to settle debt maturing by June this year

Works on the Port Reitz-Airport road in Mombasa on Kenya’s coast. A planned syndicated loan will partly finance development projects. PHOTO | NMG

Kenya is seeking $1 billion through a syndicated loan over the next one month, amid warnings to the government to go slow on contracting new debt and pressure rising to settle credit maturing in the first half of the year.

The new debt, expected from at least three commercial lenders is being arranged by the Trade and Development Bank and Standard Bank.