Following the World Bank’s approval of a $1 billion loan for the faltering economy, Kenya has obtained a commercial loan from a syndicate of global banks for $500 million to relieve its acute financial crisis.
The syndicate, which consists of American Citibank, British Standard Chartered Bank, Stanbic Bank, and South Africa’s RMB Holdings Ltd, formerly known as Rand Merchant Bank Holdings, provided the government with $500 million in response to its request for $600 million, according to Haron Sirma, director-in-charge of debt management at the National Treasury.
Read More : International Banks Extend $500 Million Commercial Loan to Kenya