NAIROBI - Kenya is seekinga loan of $1,5 billion from Abu Dhabi to fund its budget deficit, according to reports.

The loan is expected to attract an interest rate of about 8.2%, the reports said, which is lower than the interest charged on the East African nation’s sovereign bonds.

The loan would be the latest in a series of bailouts the United Arab Emirates’ Abu Dhabi has extended to African countries in recent years as it seeks to build influence on the continent.

 

 

 

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