Kenya is planning to raise about $600 million from Kenyans living abroad by the end of 2011, Reuters reports. The government seeks to borrow $400 million through infrastructure bond in its 2011/12 fiscal year.

Kenyans abroad are estimated to hold up to $1.8 billion in checking accounts earning zero interest. The plan represents the latest tool used by officials to build up hard currency reserves and support the east African nation’s currency. The central bank aims to borrow $1.3 billion from the domestic market in 2011-12, adds Bloomberg.

Click here for the story from Reuters.

Click here for additional coverage from Bloomberg.