Citigroup (C) is set to arrange a $1 billion debt swap for Kenya that would refinance existing debt at lower costs and direct savings toward food-security programs, Bloomberg reported Monday, citing unnamed people familiar with the matter.

The report said the deal is expected to involve one of Kenya's outstanding euro-bonds and is backed by the US International Development Finance.

A final decision on the bond has not been made, and the plans could change, it added.

Citigroup did not immediately respond to MT Newswires' request for comment.

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