NAIROBI, Kenya, July 6 – Kenya has tapped Sh70.45 billion ($500 million) to fund infrastructure projects.
The financing will be offered by a group of banks such as Citibank, N.A., London Branch (“Citi”), Rand Merchant Bank, a division of FirstRand Bank Limited (“RMB”), and the Standard Bank of South Africa Limited (Standard Bank”) and Standard Chartered Bank (Standard Chartered”).
The syndicated medium-term loan tenure will be for 3 and 5 years.
“The Africa Export-Import Bank joined the Facility as Bookrunner and Mandated Lead Arranger, and its subscriptions were allocated towards the longer-term tranche,” Standard Bank said in a statement.
“The proceeds from the Facility will be used by the National Treasury to finance the development projects as per the development budget approved by the Kenyan Parliament for the Fiscal Year 2022/2023.”
