The International Finance Corporation (IFC) is at an advanced stage of loan talks with Kenya Airways as the airlines prepare for a 7 billion shillings ($60 million) finance package as part of the 34 billion shillings ($400 million) funding the World Bank’s investment arm plans for the East African nation before June 2013.

IFC which had a 50 billion shillings ($600 million) financing budget for five member states of the East Africa Community trade bloc in 2011, invested about 30 billion shillings ($360 million) in Kenyan companies alone.

According to Business Daily, the outgoing IFC director for eastern and southern Africa Jean Philippe Prosper said: “We have agreed with Kenya Airways on the terms of the loan, but we have not signed it yet. We will do the signing in the next few months.”

The first instalment of the financing which is expected to expand operations would fund the airline’s pre-delivery payment for nine Boieng 787-800 Dreamliner aircrafts.

Kenya Airways whose right issue ended in June hasn’t recorded any appreciation on its shares though it has been predicted to record a  18 shillings share value by August 2013.

A JP Morgan financial report dated July 27 2012 reads: “We set a one-year target price for Kenya Airways of Sh 18,” indicating however that a reduction in vacation and business effected by the Eurozone crisis could dim the forecast.

The state is Kenya Airways’ largest shareholder with a 29.8 percent stake followed by Dutch carrier KLM, with a 26.73 percent holding and the international lender IFC with a 9.56 percent stake.