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Loan: How Kenya got hooked on Eurobond

Treasury Cs Henry Rotich (right) and Principal Secretary Department of Planning Julius Muiya during the launch of 2019-2022 Economic Survey at KICC. [Beverlyne Musili/Standard]

The 'Eurobond' has become a cliché after Kenya issued a dollar-denominated sovereign debt for the third time in five years.

A combination of factors has led to Kenya’s heavy reliance on debt from American and European investors, but significant of all was the graduation of the country’s economy into a low middle income country (LMIC) after the country’s gross domestic product was recalibrated to include other sectors.

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