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With New Chinese Money Hard to Come By, Kenya’s Treasury Turns to the Bond Market to Finance Infrastructure

Yasuyoshi CHIBA / AFP

The Kenyan government is making preparations to float its largest-ever bond offering, a record $1.3 billion (Sh150 billion) issuance. It will be used to settle debts with contractors, possibly including some Chinese companies, and to fund road projects that are currently in development.

Infrastructure Principal Secretary Paul Mainga told parliament on Tuesday that the Treasury, the Central Bank of Kenya (CBK), and the Attorney-General all approved the sale.

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