Treasury CS Njuguna Ndungu explained on Tuesday, November 21, that the shift was due to uncertainties in the international bond market. This comes nearly 10 years after the country floated its first Eurobond on the international market in 2014 and raised $2 billion (Sh300 billion), the largest international bond in Sub-Saharan Africa at the time. Treasury had hired Citi Bank and Standard Bank to access the international bond market and advise on the possibilities. It is on this advice that Kenya has chosen to walk away from the international bond market. These loans are considered concessional because they come with lower interest rates, longer repayment periods, and more flexible terms compared to standard commercial loans.

Source: Daily Nation November 22, 2023 04:52 UTC