Kenyan banks submit bids to arrange road bonds

The Kenya Roads Board (KRB) has received bids from numerous banks seeking to arrange a kSh 150 billion financing plan to fund roads development, maintenance, and rehabilitation. The funds will form the greater kSh 800 million roads bond necessary to complete ongoing road projects. However, the bond faces possible backlash given upcoming laws which will require treasury approval for the debt instrument. Also, pay-as-you-earn tax dropped, putting the Treasury finances in a precarious position in the first half of fiscal year 2019/20. David Gitau, Investments Analyst at Cytonn joins CNBC Africa for more.

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