StanChart, Citigroup Said Hired for $800 Million Kenya Loan
- Funds to be made available to government by February
- Kenya borrowing to plug deficit, boost foreign reserves
This article is for subscribers only.
Kenya’s government mandated four international banks to raise $800 million in syndicated loans that authorities need to boost foreign-currency reserves and plug a widening budget deficit, according to two people familiar with the agreement.
The East African nation’s Treasury informed the Nairobi-based units of Citigroup Inc., Standard Bank Group Ltd., Standard Chartered Plc and Rand Merchant Bank on Tuesday that they were appointed to arrange the financing, the people said, asking not to be identified because they aren’t authorized to speak about the matter.