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Kenya obtains “samurai” credit facility:
(Ecofin agency) – Nairobi is now turning to loans denominated in Japanese Yen and Chinese Yuan to diversify its sources of financing and reduce the cost of its debt, in a context marked by the volatility of international markets and the rise in American interest rates.
Japan will grant Kenya a “samurai” credit facility of 25 billion yen (169.42 million dollars). Meanwhile, which will be used to develop the automotive industry and to improve electricity supply in this Eastern African country, announced the Prime Minister and Minister of Foreign Affairs of Kenya, Musalia Mudavadi (Photo), Thursday, August 21.
« This facility will strengthen our local vehicle assembly industry kenya obtains “samurai” credit facility and manufacturing spare parts, and will remedy the losses related to the transport and distribution of electricity, which currently represent around 23 % of our national production “Said Mr. Nevertheless, Mudavadi in a message published on X.
« Funds will accelerate industrial growth, create quality jobs and stimulate innovation in the automotive sector, particularly in the manufacture of electric vehicles. They will also serve to improve energy efficiency in order to reduce the cost of electricity. strengthen budgetary stability, thus releasing more resources for our national development program “, He added.
The agreement relating to this funding worded in Japanese Yen was signed by the Kenyan Minister for Foreign Affairs and the CEO of the Japanese public credit agency (Nippon Export and Investment Insurance/Nexi), Atsuo Kuroda, during the kenya obtains “samurai” credit facility 9the Tokyo International Conference on the Development of Africa (Ticad-9), in which President Kenyan William Ruto participates.
Kenya seeks to diversify its sources of financing in a context marked by the volatility of international markets and the increase in American interest rates.
« The loan agreement reflects the daring strategy and turned to the future of Kenya aimed at diversifying its sources of funding, to open up new perspectives for its population and to strengthen its links with Japan, a trusted partner in the transformation of Africa Said Mr. Mudavadi.
Speaking on the sidelines of the Ticad-9, the Director General of Debt Management at the Kenyan Ministry of Finance, Raphael Otieno, said Nairobi’s strategy kenya obtains “samurai” credit facility in debt now consisted in focusing more on reducing high borrowing costs rather than the risks of short-term refinancing.
« The cost of our debt is very, very high “, He said during a round table, stressing that the country currently explores the obligations related to sustainable development with guarantees, the” samurai “obligations denominated in Japanese Yen, the” panda “obligations denominated in Chinese Yuan and debt exchanges (Swaps) to lighten the cost of debt.
Walid Kéfi
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Kenya obtains “samurai” credit facility
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