Kenya haggles with banks over Sh50b loan
04 April 2012, 14:10
Nairobi – Kenya’s plans to borrow $600 million (Sh50
billion) from international banks have been frustrated by the reluctance
of the financiers to offer the loan at lower interest rates as applied
for by the government.
Finance Minister Njeru Githae disclosed that the government is
pushing to have the foreign banks further discount their interest rates
on the syndicated loan by a margin of one or two points before the deal
can be finalised.
“When I assumed this portfolio, I told the people negotiating that
they must reduce the interest rates and I told them that they should not
fear and that they should do it,” he stressed.
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