Minister Zainab Ahmed told journalists in Abuja that Africa’s largest economy will prioritize “major capital expenditures.”
The East African nation is in advanced talks with the World Bank for “a fairly priced” loan of up to 100 billion shillings ($991.57 million), nearly half of its required external funding this fiscal year, a senior Treasury official said on Friday.
Africa's biggest Bank has taken a stake in local fintech firm Nomanini to offer credit to potentially millions of small shop owners and other informal retailers across Africa that have limited access to banking services.
Kenya’s headroom for new borrowing has shrunk since it tapped the Eurobond market this month.
In a letter read in the upper chamber of parliament, Nigerian President Muhammadu Buhari asked lawmakers to approve the issuance of a $2.79 billion Eurobond.
The West African country wants to switch its borrowing mix so that foreign loans account for up to 40 percent of its total debt portfolio.
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