President William Ruto’s economic advisor, David Ndii, has issued a clarification on reports of Kenya securing a Ksh193 billion loan from the United Arab Emirates (UAE).
Ndii, while responding to a concerned social media user on Saturday, February 22, 2025, said that the funds Kenya is set to receive are not part of the said loan from the UAE.
Kenya Kwanza strategy
According to Ndii, the funding is a private bond placement in the UAE, which he says is part of the Kenya Kwanza’s strategy to diversify sovereign bond issues from the London Eurobond market to mitigate the refinancing risk the country suffered with Eurobond in 2024.
Ndii further noted that the strategy is also aimed at solving the Chinese yuan (CNY) and renminbi (RMB) issues.
“It is not a loan from the UAE. It is a private bond placement in the UAE, part of our strategy to diversify sovereign bond issues from the London Eurobond market to mitigate the refinancing risk we suffered with Eurobond 2024. Also in the pipeline are Panda (RMB) and Samurai (Yen) issues,” Ndii stated.
It is not a loan from the UAE. It is a private bond placement in the UAE, part of our strategy to diversify sovereign bond issues from London Eurobond market to mitigate the refinancing risk we suffered with Eurobond 2024. Also in pipeline Panda(RMB) and Samurai(Yen) issues. https://t.co/OIH1TxFvI7
— David Ndii (@DavidNdii) February 22, 2025
Ndii has always been defending President Ruto’s policies from online attacks, with him seeking to clarify on most issues that Kenyans might misunderstand.
Ksh193B loan reports
His latest clarification comes after a section of Kenyans online started reacting to reports from Bloomberg that indicated that the loan is expected to hit the government coffers in the last week of February.
According to the reports, Kenya is expected to receive the money in one tranche despite earlier indications that the funding could be staggered.
Last year, the government sought financial support from the UAE to broaden its budget funding options, moving away from reliance on eurobonds, conventional bilateral lenders like China, and multilateral institutions.
Treasury has been in a foot race to find additional funds, and it emerged earlier this month the government is considering securing another loan program with the International Monetary Fund (IMF) just two months before the end of the current programme.
