Kenya plans to sell shilling-denominated bonds abroad to diversify the country's investor base without elevating foreign currency risks, the National Treasury has said. The announcement comes barely two months after Foreign Affairs Cabinet Secretary Musalia Mudavadi mooted a plan to issue a diaspora bond to facilitate the expansion of the Jomo Kenyatta International Airport (JKIA).
The shilling-denominated bonds aim to bolster domestic funding sources and manage public debt more effectively.
According to the Treasury, this initiative aims to complement traditional financing methods, such as Treasury bills and bonds, by introducing new instruments that appeal to local investors.
As part of debt management, the National Treasury is considering the elimination of the one-year Treasury bills from the market.
