Kenya is working with a World Bank unit to raise as much as Ksh.500 billion ($3.86 billion) by issuing a diaspora bond, a top official said.
According to Bloomberg, Kenya is now ripe for such a security, and the funds could go toward projects such as building a new facility at Jomo Kenyatta International Airport, expanding the road connecting with neighboring Uganda or extending the standard-gauge railway system, Prime Cabinet Secretary Musalia Mudavadi said in a statement Wednesday.
Kenya is getting technical support from the Multilateral Investment Guarantee Agency — a World Bank member that offers political-risk insurance for projects — for the bond, Mudavadi said.
“This instrument will offer Kenyans abroad a secure investment while diversifying the source of financing for government projects,” he said.
“While providing a competitive return on investment, the bond will help Kenya to systematically move away from costly foreign loans to support its infrastructure and other capital development projects.”
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