Kenya has closed in on its $500 million (Sh70.4 billion) syndicated loan earmarked for development projects in the country. A syndicated loan is a loan offered by a group of lenders usually referred to as a syndicate, who work together to provide funds for a single borrower. The Sh70.4 billion three-year and five year Syndicated Medium Term Loan facility, is reduction from the $600 million (Sh84.5 billion) that the government had asked to borrow. The four lead arrangers of the syndicated loan are Citi Bank in London, Rand Merchant Bank, Standard Bank of South Africa Limited and Standard Chartered Bank. The syndicated loan consists of a three-year tranche with a bullet payment and a five-year tranche that is amortising.

Source: The Star July 06, 2023 16:54 UTC