The president made the announcement while giving a state of the economy address at State House on Wednesday afternoon.
Uhuru said that the Eurobond offer which was over-subscribed by 500 percent will be used to prudently to fund infrastructure such as energy, and transport, as well as the agricultural sector. The bond raised
Uhuru said banks will now be forced to disclose all charges to their customers.
"The banks will now disclose all charges information to their customers," Uhuru said adding that this is one of the ways the government intends to streamline financial operations across commercial banks
Finance Cabinet Secretary
"Investors were impressed with the management of our economy and perceived it to be very strong," Rotich said adding that the Eurobond will help diversify the government's financing for development programmes.
The Eurobond offers totalling Sh1.74 trillion has been broken down in two parts. One offer of Sh43.5 billion due for repayment in 2017 will attract an interest of 5.87 percent. The second offer of Sh1.3 trillion attracting an interest of 6.875 percent, will be repaid in 2024.
The 500 percent oversubscription was totaling Sh6.76 trillion.
Most Popular Stories
- Florida Warns Beach-goers About Flesh-eating Bacteria
- Islamic State Fights for Control of Syrian Oil Wealth
- Sutherland Responds to 'Unprofessional' Jibe
- LivePro Is a Mobile Hot Spot, Projector in One
- How to Fit Green Energy Into Your Portfolio
- Sanctions Will Hit Russia Hard if Not Lifted Quickly
- Adrienne Bailon Disses Ex-Lover Rob Kardashian
- U.S. Economy Grows at Fastest Pace in 10 Years
- Jerry Brown Favors More Shelters for Immigrant Kids
- Business Leaders Set for CHCC Convention