Kenya in talks over World Bank loan to cut its commercial debt

Nairobi — Kenya is in advanced talks with the World Bank for “a fairly priced” loan of up to 100-billion shillings , nearly half its required external funding this fiscal year, a senior Kenyan treasury official said on Friday.The World Bank, which has multiple development funding programmes with Kenya worth billions of dollars, is seen as one of the viable alternatives to commercial debt.

The size of the loan from the World Bank will be determined by how much its own funders can put together, said Julius Muia, the principal secretary in the ministry of finance. “We are thinking something between 50-billion to 100-billion [shillings] depending on what kind of interest there will be,” he told Reuters.

“It is very competitive, it is fairly priced,” Muia said, adding it was likely to be just above the bank’s concessional rate of 200 basis points in interest. The finance ministry has set a budget deficit of 6.3% of GDP for this financial year to the end of June and Muia said about 213-billion shillings is expected from external sources.

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