{"id":112624,"date":"2024-02-08T21:51:07","date_gmt":"2024-02-08T21:51:07","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april"},"modified":"2024-02-08T22:18:13","modified_gmt":"2024-02-08T22:18:13","slug":"kenya-to-receive-sh240-7bn-from-world-bank-by-april","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april","title":{"rendered":"Kenya to receive Sh240.7bn from World Bank by April"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Kenya is expected to receive a number of credit facilities that will see the country comfortably settle the inaugural Eurobond debt due on June 24.<\/p>\n

On Wednesday, the exchequer gave holders of the $2 billion bond taken in 2014 seven days to February 14 to submit claims, a bold move that has tickled investors.<\/p>\n

The maximum amount that the government will repurchase will be determined by how much it raises in an offering of new securities that will be priced on February 12.<\/p>\n

Yields on the bond dropped to 10.6 per cent from 16 per cent, a mark of renewed confidence in the country’s ability to repay the loan that has in the past made investors coy.<\/p>\n

Beneath Kenya’s confidence is a series of multilateral loans expected to pour into the exchequers accounts by April.<\/p>\n

Top of all is the $1.5 billion (Sh240.7 billion) to be disbursed by the World Bank between March and April.<\/p>\n

The amount is part of $4.5 billion (Sh722.3 billion) commitment made by the global lender in November last year<\/p>\n

The lender announced that, over the next three fiscal years (FY24-FY26), the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) would provide $3 billion and $1.5 billion respectively.<\/p>\n

The International Finance Corporation (IFC) will provide roughly $1 (Sh160.5 billion) in investments and MIGA guarantees can amount to around $500 million (Sh80 billion).<\/p>\n

“Subject to the World Bank Executive Directors approval of new operations, and to factors which may affect the Bank\u2019s lending capacity, this implies a total financial package of $12 billion (Sh1.93 trillion) over the next three years,” World Bank said.<\/p>\n

Yesterday, top exchequer bosses told the Star that the World Bank loan is just ‘an icing on the cake’ of a number of financial relives the country has received in past months.<\/p>\n

Kenya has received disbursements totalling just over $1 billion Sh160 (billion) in the last two months from IMF and Trade Development Bank (TDB).<\/p>\n

“We are very confident about handling the Eurobond debt that has posed financial risks to the country. Kenya has earned its rightful space in the international debt market,” National Treasury PS Chris Kiptoo said.<\/p>\n

He added that government mandated Citigroup Global Markets and Standard Bank of South Africa as joint book runners to arrange a series of investor calls, following which a seven-year dollar-bond will be issued subject to market conditions.<\/p>\n

Kenya will be joining Ivory Coast, which sold $2.6 billion (Sh417.3 billion) last month through two bonds, after receiving more than $8 billion (Sh1.9 trillion) in combined demand.<\/p>\n

Benin on other hand raised $750 million in its debut dollar-bond offering after attracting $5 billion of demand.<\/p>\n

CBK governor Kamau Thugge is also confident that Kenya will come out of Eurobond debt clearance phase much stronger.<\/p>\n

“We have the resources, the money that is coming in from the World Bank, from regional institutions, from multilateral institutions,” Thugge told journalists at post MPC briefing on Wednesday.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Kenya is expected to receive a number of credit facilities that will see the country comfortably settle the inaugural Eurobond debt due on June 24. On Wednesday, the exchequer gave holders of the $2 billion bond taken in 2014 seven days to February 14 to submit claims, a bold move that has […]<\/p>\n","protected":false},"author":84,"featured_media":112623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-112624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nKenya to receive Sh240.7bn from World Bank by April - kenya<\/title>\n<meta name=\"description\" content=\"Kenya is expected to receive a number of credit facilities that will see the country comfortably settle the inaugural Eu ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya to receive Sh240.7bn from World Bank by April\" \/>\n<meta property=\"og:description\" content=\"Kenya is expected to receive a number of credit facilities that will see the country comfortably settle the inaugural Eu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-08T21:51:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-08T22:18:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/02\/sm_1707417830.566833.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Kenya to receive Sh240.7bn from World Bank by April\",\"datePublished\":\"2024-02-08T21:51:07+00:00\",\"dateModified\":\"2024-02-08T22:18:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april\"},\"wordCount\":497,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/02\/sm_1707417830.566833.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-to-receive-sh240-7bn-from-world-bank-by-april\",\"name\":\"Kenya to receive Sh240.7bn from World Bank by April - 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