{{Kenya has successfully raised US$2bn from the international markets through a Eurobond, which according to government officials was oversubscribed by 500%}}<\/p>\n
The government paper was oversubscribed to US$8.8bn although the government was interested in just US$2bn.<\/p>\n
The money will pay for key infrastructure projects such as the Lamu Port, the US$3bn worth Galana-Kulalu irrigation project at the Coast and geothermal power project development in the Rift Valley.<\/p>\n
\u201cAccess to international capital markets will help reduce our domestic borrowing. This will leave greater room for private sector borrowing and for banks to give favourable loan terms to consumers- spurring growth,\u201d said President Uhuru Kenyatta, while announcing the success of the Eurobond.<\/p>\n
The influx of US dollars is also expected to ease pressure on the shilling which has gone through a period of volatility.<\/p>\n
The Eurobond was issued in two tranches-one for US$500mn which attracted an interest of 5.9 per cent and expected to mature in five years. <\/p>\n
The other US$1.5bn attracted an interest of 6.6 per cent and will mature in 10 years.<\/p>\n
Most of the investors for both tranches came from the US and the UK, with more than 80 per cent coming from fund managers.<\/p>\n
Finance cabinet secretary, Henry Rotich, attributed the positive response to the Eurobond to sound macro-economic management, governance reforms and diversification in the private sector.<\/p>\n
africanreview<\/p>\n","protected":false},"excerpt":{"rendered":"
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