Economic Update
Economic Update
Kenya on a foreign funding spree
The Kenyan government was under immense pressure to secure foreign funding in order to meet the wide budget requirements before the fiscal year of 2020/21 closed.
On 10th June 2021, Kenya received a USD 750mn loan from the World Bank to support the nation’s economic recovery from the coronavirus pandemic. The concessional loan comes at an interest rate of 3.1% p.a. with a 30-year repayment term and a five-year grace period.
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