Kenya secured a USD 500 mln syndicated loan from a consortium of lenders, including Citibank, Standard Chartered, and the African Export-Import Bank, to fill a financial shortfall for the recently concluded fiscal year. Despite challenging credit market conditions in emerging markets, Kenya’s government expressed satisfaction with the syndication outcome. The funds will be used for development projects executed in FY23. President Ruto has pledged to reduce borrowing and has committed to early repayment of a portion of a USD 2 bln Eurobond due in 2024.