Kenya is likely get a fresh $1 billion loan from China in this financial year and it could use the cash to partly settle a Eurobond that is maturing next June if it comes in time, the governor of the central bank said on Wednesday.

The loan was first announced by Kenyan authorities in October, marking a shift in the government of President William Ruto’s stance on Chinese lending after criticising the loans during last year’s election campaign.

“The National Treasury is engaged with the Chinese government,” Kamau Thugge, the central banker, told a press conference.

“The timing is yet to be ascertained. Were we to get it before June 2024, it could be used to address the maturity of the Eurobond.”

• A Reuters report