Bloomberg News

Kenya Hires Standard Chartered, Two Others for Loan, Tsavo Says

January 24, 2012

Jan. 24 (Bloomberg) -- Kenya’s government appointed a group of three lenders, including Standard Chartered Bank Ltd., as arrangers for its $600 million international loan, said Fred Mweni, chief executive officer of Tsavo Securities Ltd.

“The ministry of finance has appointed a consortium made up of Standard Chartered, Citibank Kenya and CfC Stanbic, for the loan,” Mweni said in a phone interview yesterday from Nairobi, the capital. An announcement on the loan may be made as early as today, he said.

Mweni is vice chairman of the Market Leaders Forum, a panel that includes bond-market traders, central bank and Finance Ministry officials that meets monthly to discuss government financing. Finance Minister Uhuru Kenyatta said on Jan. 17 the appointment of the banks would be made within two weeks.

Geoffrey Mwau, the economic secretary at the Finance Ministry, didn’t answer his mobile phone when called three times today for comment.

James Makau, a spokesman for CfC Stanbic Bank Ltd., said in an e-mailed response to questions yesterday that the bank was “not in a position to comment on the Kenyan government’s funding programmes.” Spokeswomen for Citibank Kenya Ltd. and Standard Chartered declined to comment when called yesterday.

--Editors: Paul Richardson, Ben Holland.

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson in Nairobi at pmrichardson@bloomberg.net.


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