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Kenya Set to Receive $1.5bn UAE Loan in Early March, Say Sources
February 24, 2025
Kenya is set to receive a $1.5bn loan from the UAE by the end of next week, a shift from an earlier plan to stagger the funds, as per sources. This financing may help stabilize Kenya’s fiscal position after protests in June led to the abandonment of planned tax hikes. The loan is part of Kenya’s strategy to diversify its funding sources, moving beyond eurobonds and traditional creditors. The loan will also enhance Kenya’s foreign reserves as it prepares for talks with the IMF for a new program as its existing $3.6bn program ends April 1. The IMF had advised Kenya to assess the UAE loan’s impact on its fiscal and debt targets. Kenya has revised its fiscal deficit forecast to 4.9% of GDP, up from 4.3%.
Kenya’s dollar bonds were trading stable, with its 6.3% 2034s at 80.5 cents on the dollar, yielding 9.75%.
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