A plan by Kenya to borrow about $750 million through a syndicated loan is on track, a senior Treasury official said on Tuesday, dismissing concerns about delays in the process.
The government picked Standard Chartered, Standard Bank, Citi and Rand Merchant Bank to lead the loan back in January. Banking sources in Nairobi told Reuters a plan to sign and issue the mandate for the loan last month had been postponed.
"We are progressing as planned. No change of mind," Kamau Thugge, principal secretary at the Treasury, told Reuters when asked to comment on the loan. He did not offer more details.
The East African nation said it would raise 150 billion shillings ($1.46 billion) from external commercial sources, to partly plug a fiscal deficit equivalent 9.7 percent of GDP in its year to June 2017 budget.
© Reuters News
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