Oduor noted that the model avoids a uniform funding approach that provides equal support to all students.
Experts argue that the venture is often appealing because it typically comes with lower or no interest rates compared to formal loans from banks.
IMF members can vote to create new issuances of special drawing rights.
The latest report by Kenya's most funded fintech, M-Kopa, for instance, indicates that the demand for loans has surged.
President William Ruto said the figure represented an increase of about Sh75 billion.
This funding will enhance the government's reserves, which are expected to reach $1.9 billion (Sh245 billion) by the end of the year.
The report, presented on October 1, reveals that the loans were sourced from both multilateral and bilateral lenders.
This comes after the government declared plans to recover Sh7 billion from 13 million loan defaulters by targeting their M-Pesa accounts and airtime balances.
The move brings to 85 the total number of licensed digital credit providers in the country.
Mbadi on Friday signed the credit facility agreement in Beijing, China with Tan Jiong, President of the China Development Bank.
Lenders, on their part, argue that most small-scale traders lack the financial stability to qualify for loans, especially as they strive to reduce the ballooning number of loan defaults.
Another problem is the reform's lack of clear methods for financing capital projects and the expansion of university infrastructure.
The MPs argued that merging the funds would address inefficiencies and reduce corruption risks present in the current fragmented system.
Gross loans decreased by 1.0 per cent from Sh4.1 trillion in March 2024, to Sh4.04 trillion in June 2024.
Non-performing loans accounted for 14.8 per cent of gross loans after the review period, the highest level since 2007.
Additionally, ICPC mentioned that while an independent debt audit is underway, development partners can continue funding essential service projects.
The loans were signed between April 24, 2017 and December 15, 2022.
According to FSD, there were 62.2 million unique loans issued in 2023, up significantly from 37.8 million in 2019.
The scholarships offer Sh200,000 for Master’s programmes and Sh450,000 for PhD programmes.
Seeking to onboard retail and small-scale investors to the bond market, the platform will allow them to acquire government securities for as little as $5 (Sh655).