Kenya secures payment extension for $600 mln loan
15 May 2014, 20:17
Nairobi - Kenya won a three-month extension on a $600 million syndicated loan after its debut Eurobond was delayed, a senior Treasury official said on Thursday, Reuters reports.
The east African nation took out the two-year loan at an interest rate of 7 percent in 2012 to fund development.
Underwritten by Citigroup, Standard Chartered and Standard Bank, the loan was due for full repayment on May 16.
"What we have done is just to extend the repayment... by another three months as we continue discussions on the sovereign bond," Kamau Thuge, the Finance Ministry's principal secretary, told Reuters.