Kenya has received yet another Eurobond despite the first and second which has put the country’s credit score on the watch.
The Sh210 billion that the treasury CS rallied for from the international creditors will be used majorly to finance stalled projects and clear the first bond.
Even as the CS is expected back in the country with the goodies, much worries as the bond is reported to be slightly more expensive than the previous two, because of prevailing market conditions internationally, following soaring interest rates.
The Standard report that some Sh75 billion ($750 million) plus a final interest of Sh2.2 billion will be paid out to the lenders of the 2014 debut Eurobond.
The other portion of the money will be spent on development infrastructure projects, and repay “other debt obligations”.
Another crucial use of the money will be to revamp development projects that otherwise would have stalled for lack funding.
This comes as hope to the government after the Chinese government turned down President Uhuru and former PM Raila Odinga bid to have another loan that will fund the Standard Gauge Railway completion.
The duo earlier visited China hoping to secure a loan but their efforts failed.
According to Mr. Odinga, the loan was supposed to fund SGR completion from Naivasha to Kisumu city, making it East African economic hub.