Kenya has sought a $4.8 billion credit facility from a group of banks as it nationalizes the importing of fuel to enable it to defer payments and conserve its depleting foreign-exchange reserves.
The East African nation’s government plans to directly purchase fuel, taking over from private companies, according to documents seen by Bloomberg and verified by the Energy Ministry. Lenders including KCB Bank, Standard Bank Group, Standard Chartered Bank, Abu Dhabi Commercial Bank and Deustche Bank will issue or confirm guarantees for payment that the government wants deferred for at least six months, according to the documents.
