"Kenya Reportedly Close to Securing $1.5 Billion From the UAE"

" Kenya Reportedly Close to Securing $1.5 Billion From the UAE \r\n \r\n\r\nAccording to sources, Kenya could be at the receiving end of a $1.5 billion United Arab Emirates (UAE) loan by next week.\r\n \r\n\r\nPeople familiar with the development, two of whom asked not to be identified, the loan is expected to be disbursed all at once as opposed to the initial plans of disbursing in tranches.\r\n\r\n \r\n \r\n\r\nKenyan Treasury Secretary John Mbadi and the UAE Foreign Ministry did not reply to queries for comment, as per a Bloomberg report.\r\n\r\n \r\n \r\n\r\nLast year, the country approached the UAE for funding to diversify its budget financing sources outside euro bonds, traditional bilateral creditors such as China, and multilateral lenders.\r\n\r\n \r\n \r\n\r\nThe loan in question is intended to assist the current administration under President William Ruto in stabilizing its economic situation considering its deadly demonstrations in June last year, which prompted it to scrap planned major revenue-generating tariffs, which were projected to generate an additional $2.7 billion in income.\r\n\r\n \r\n \r\n\r\nAdditionally, the loan is expected to raise Kenya's foreign reserves as it begins negotiations for a new program with the International Monetary Fund, whose existing $3.6 billion agreement expires on April 1.\r\n\r\n \r\n \r\n UAE in Africa \r\n\r\n \r\n \r\n\r\nIn light of Russia and China\u2019s growing influence in Africa, the UAE has been pushing to make a play on the African market.\r\n\r\n \r\n \r\n\r\nVery recently, the Middle-Eastern country engaged one of Africa\u2019s largest economies, Nigeria, in bolstering their partnership.\r\n\r\n \r\n \r\n\r\nTo this effect, the president of Nigeria, Bola Tinubu, in 2024, visited the president of the UAE Sheikh Mohamed bin Zayed Al Nahyan to iron out a visa issue.\r\n\r\n \r\n \r\n\r\nIn July of the same year, the central banks of the\u00a0 UAE and Ethiopia \u00a0formally signed a bilateral currency swap arrangement worth up to 3 billion dirhams ($816.79 million).\r\n\r\n \r\n \r\n\r\nAlso, the Abu Dhabi wealth group ADQ has pledged to spend $35 billion in Egypt, the majority of which would go toward developing valuable land on the North African nation's Mediterranean coast, as seen in the report by\u00a0 Bloomberg .\r\n\r\n \r\n \r\n\r\nIn January this year,\u00a0 the Nigerian president also made for Abu Dhabi , to take part in the Sustainability Week, a forum intended to discuss cooperation on energy, climate change, and other similar issues.\r\n\r\n \r\n \r\n\r\nConcerning Kenya, the UAE agreed on a deal (Comprehensive Economic Partnership Agreement) with the East African country that is intended to make the UAE a key trade partner to Kenya, ensuring that the East African country has another prime-time export market.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \" alt=\"President William Ruto of Kenya, and Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates\" width=\"686\" height=\"386\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/2WCktkpTURBXy9jOGUyMmNmZjA3NWI4YTYzYTU4MzIxYzJhY2YzZWI1ZC5qcGeRlQLNAq7NAYLCww\" \/> \r\n President William Ruto of Kenya, and Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nThe signing ceremony was presided over by Kenyan President William Ruto and UAE President Sheikh Mohamed bin Zayed Al Nahyan.\r\n\r\n \r\n \r\n\r\nAccording to a State House statement, the deal strengthens Kenya's position as a gateway to East and Southern Africa, while also emphasizing the UAE's role as a significant financial and logistical hub connecting the Middle East, Asia, and beyond.\r\n\r\n \r\n \r\n \r\n \r\n "

"Kenya Reportedly Close to Securing $1.5 Billion From the UAE"

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