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Funding issuanceKenyaVerified brief

Kenya opens talks for $985m World Bank/AfDB package as IMF talks stall

On 1–2 Oct 2026 Kenya opened formal talks with the World Bank and African Development Bank for roughly $985m (KSh127.7bn) in policy-based financing — including a $725m World Bank DPO and an AfDB policy loan — as negotiations with the IMF remain stalled and a new IMF mission is expected in Nairobi in early December 2026.

MSA Market DeskEvent 1 October 2026Reviewed 2 min read

The desk brief

On 1–2 Oct 2026 Kenya opened formal talks with the World Bank and African Development Bank for roughly $985m (KSh127.7bn) in policy-based financing — including a $725m World Bank DPO and an AfDB policy loan — as negotiations with the IMF remain stalled and a new IMF mission is expected in Nairobi in early December 2026.

A timely DPO/AfDB policy loan disbursement would provide foreign-exchange liquidity and lower near- and medium-term rollover pressure on Kenya’s external (USD) bond curve, reducing refinancing premia for FX-dependent corporates. Conversely, a prolonged delay in IMF support raises the risk premium on Kenya’s external sovereign curve and could amplify funding costs for USD-denominated corporates and banks that rely on sovereign-backed market access.

IMF mission scheduled to visit Nairobi in early December 2026 to re-engage on a new programme.

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Price Discovery

Kenya sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

11 priced bonds
10.89%9.66%8.44%7.22%6.00%20272032203720422048Kenya 27 · May 2027 · 6.647%Kenya 28 · Feb 2028 · 7.189%Kenya 31 · Feb 2031 · 8.149%Kenya 32 · May 2032 · 8.952%Kenya 33 · Oct 2033 · 9.153%Kenya 34 Jan · Jan 2034 · 9.338%Kenya 34 Feb · Feb 2034 · 9.792%Kenya 36 · Mar 2036 · 9.944%Kenya 38 · Oct 2038 · 10.204%Kenya 39 · Feb 2039 · 10.239%Kenya 48 · Feb 2048 · 9.964%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Kenya 27May 2027100.1886.647%
  • Kenya 28Feb 2028100.0637.189%
  • Kenya 31Feb 2031104.5008.149%
  • Kenya 32May 203296.5008.952%
  • Kenya 33Oct 203394.2509.153%
  • Kenya 34 JanJan 203484.2509.338%
  • Kenya 34 FebFeb 203491.1259.792%
  • Kenya 36Mar 203697.5009.944%
  • Kenya 38Oct 203890.87510.204%
  • Kenya 39Feb 203989.81310.239%
  • Kenya 48Feb 204884.9389.964%

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