Kenya secures N200 million loan from AfDB, seeks fresh $750 million from World Bank
Kenya’s head of debt management on Wednesday said Kenya has secured $200 million dollars from the African Development Bank and is in talks with the World Bank for a new $750 million loan.
The debt-laden government has been scrambling for new financing after deadly protests in June forced it to scrap planned tax hikes worth more than 346 billion shillings ($2.68 billion).
The Director-General of the Finance Ministry’s public debt management office, Raphael Owino, told Reuters that the IMF’s October approval of the seventh and eighth reviews, which paved the way for a $606 million loan tranche helped in its discussions for other lending.
He said, “The World Bank is coming on board, riding on the back of IMF receipts. The AfDB is already on board.”
($1 = 129.0000 Kenyan shillings)
(Reuters/NAN)
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