Nairobi, March 8 -- The most glaring thing you will see as you scrutinise our external debt register is an unprecedented upsurge in terms of both number and volumes of syndicated loans from European banks.

Kenya has in the last decade become a big client for greedy European banks seeking to make big bucks from the lucrative sovereign lending business in Africa.

Another trend you will discern is increasing use of opaque and lopsided loan contracts and agreements.

Rather than raise money transparently through public issues or bonds, the economic policy making elite here just love these opaquely- negotiated commercial loan contracts.

The best recent example is a case reported in an analysis in the Sunday Nation of the loan contracts for ...