Kenya, Japan Agree on Terms for Yen Loan Instead of Samurai Deal

The governments of Kenya and Japan agreed on the terms of a yen loan after earlier plans for a Samurai bond were shelved.

Kenya and Japan signed a term sheet for the yen loan, according to a statement from Japan’s foreign ministry on Wednesday. The statement came after a bilateral meeting between Kenyan President William Ruto and Japanese Prime Minister Shigeru Ishiba. Details of the terms weren’t disclosed, and a ministry official declined to explain why the financing plans were changed.