By BRIAN NGUGIMore by this AuthorThe Treasury has signed a Sh$500 million (Sh51.5 billion) long-term loan agreement with the African Export-Import Bank (Afreximbank) and the Trade and Development Bank (TDB), formerly PTA Bank, pushing Kenya further into debt. The two-tranche syndicated loan deal was closed on Monday in Nairobi. The loan, for which Afreximbank and TDB acted as joint mandated lead arrangers, is part of a three-facility $1.55 billion (Sh154.6 billion) package being arranged separately by the Treasury in the first quarter of 2017 to finance State spending. The facility comprises two tranches of $200-million (Sh20.6 billion) 10-year amortising loan by TDB and a $300-million (Sh30.9 billion) five-year amortising loan provided in equal parts by Afreximbank and TDB. The lenders said the two tranches will be syndicated to development finance institutions.

Source: Daily Nation March 21, 2017 19:03 UTC