NAIROBI, Feb. 7 (Xinhua) -- Kenya on Wednesday initiated the process to buy back its 2-billion-U.S.-dollar Eurobonds which mature in June as it sought to cash in amid declined yields on the papers.

The one-week offer ends on Feb. 14, the government said in a statement.

"The Republic of Kenya today announces its invitation to eligible holders of its outstanding 2 billion dollars 6.87 percent notes due 2024 for repurchase by the issuer for cash subject to maximum tender amount," the government said.

Kenya in the plan would buy the notes and pay interest accrued on the ten-year debt.

The yields on the 2024 Eurobonds have plunged to about 10 percent from double the figure last year, allowing Kenya to buy back the debt after holding back on the plan announced by President William Ruto in December 2023.

Kamau Thugge, governor of the Central Bank of Kenya (CBK), on Wednesday hinted at the buyback plan, noting that the global debt environment was positive. "There is a window for Kenya to return to global markets to refinance the 2 billion dollars Eurobond maturity in June," Thugge said.

He noted that Cote D'Ivoire's January 2024 issuance and Benin's February bonds, which raised 2.6 billion dollars and 750 million dollars, respectively, showed Kenya stood a chance to succeed.

The delay in executing the repurchase plan had raised fears of Kenya's ability to repay the debt as it grappled with rising inflation and declined forex reserves.

On Tuesday, the CBK increased its benchmark rate to 13 percent, the highest point since September 2012, from 12.5 percent in a bid to contain inflation, save the shilling that declined about 27 percent last year and the foreign exchange reserves.

The 2-billion-dollar Eurobonds taken in 2014 were Kenya's largest external debt.

The bond's issuance marked Kenya's entrance into the commercial debt arena to fund its budget deficit.