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.
“Mandated by the Government of the Republic of Kenya as Bookrunners and Initial Mandated Lead Arrangers, are pleased to announce the successful closure of a USD 500 million 3-year and 5-year Syndicated Medium Term Loan (the “Facility”),” read a statement from the lenders seen by The Star.
More to follow...
