- Citibank, Standard Chartered Bank, Stanbic Bank, and RMB Holdings Ltd.
- The loan is intended to alleviate Kenya's acute financial crisis.
- The World Bank recently approved a $1 billion loan for Kenya's economy.
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.
“The balance will come before the end of June, assuming that we would not have gotten money from elsewhere,” he said, conceding that commercial loans were not the preferred source of debt. “We will always see if we have a good alternative source of financing,” he added.