Prime Cabinet Secretary Musalia Mudavadi has revealed plans to issue a diaspora bond targeting citizens living abroad, in a bid to ease pressure on public finances and strengthen the country's infrastructure needs.
According to a report from Bloomberg, the prime CS claimed that the government has kick-started talks with the World Bank to structure the bond and ensure that it is favourable.
A diaspora bond is a type of debt instrument issued by a country to raise its finances from its citizens living abroad.
If the plans sail through, the government expects to raise between $250 million (Ksh32.3 billion) and $500 million (65 billion), and then mobilize $3.8 billion (Ksh491 billion) in diaspora investments over the coming years, according to the CS.
