Kenya in talks for a $1.5 billion commercial loan with UAE, finance minister says

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NAIROBI :Kenya is in discussions with the United Arab Emirates for a $1.5 billion commercial loan with an 8.25 per cent interest rate and a seven-year tenor, Finance Minister John Mbadi said on Wednesday.

The UAE provided Ethiopia with $1 billion in 2018 to help with a severe hard currency cash crunch, and the central banks of both sides announced an $817 million swap line in July.

The UAE also signed a deal with Egypt earlier this year to develop a prime stretch of its Mediterranean coast that was expected to bring $35 billion of investments into the Egyptian economy.

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Category: EconomyBusiness

Markets: SingaporeEgyptEthiopiaKenyaUnited Arab Emirates

Topics: Emirates Kenya Mbadi Last Ruto Billion Cent Talks Year Loan Government

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-16 @ 18:06:31 (8 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 519 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 25 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23088684

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