China dismisses claims of overburdening Kenya with Debt
China dismisses claims of overburdening Kenya with Debt, calling the claims misinformation meant to mislead Kenyans.
China has responded to the claims that it is overburdening Kenya with loans leading to a high cost of living.
In a statement issued by the Chinese ambassador to Kenya, Zhou Pingjian on Monday, July 4, said that the country only owes China 10 percent of its total debt.
Zhou Pingjian argued that reports blaming China for overburdening Kenya with loans are not true but misinformation to mislead Kenyans.
China has been instrumental in developing Kenya’s infrastructure.
The Asian country is associated with the construction of the Standard Gauge Railway (SGR), Nairobi Expressway, Thika Super Highway, and Lake Turkana- Suswa power line transmission among others.
China on overburdening Kenya claims
According to the Chinese ambassador, Zhou Pingjian, other Western nations are the leading creditors to Kenya and therefore China is not solely responsible for Kenya’s accumulating debt.
“Western investors, often in the forms of multilateral financial institutions and commercial creditors, are the largest creditors of African countries such as Kenya. According to the World Bank’s 2022 International Debt Statistics, 28.8 percent of Africa’s external debt comes from multilateral financial institutions and 41.8 percent from commercial creditors. Together they account for nearly three-fourths of Africa’s total debt,” Pingjian stated.
He noted that China lends Kenya and other African countries in accordance with customary business practices and respect to the country’s sovereignty.
“China always respects the wishes of the African people and China’s financing to Africa mainly focuses on infrastructure and manufacturing-related sectors to meet the region’s real needs.
In addition, China has never attached any political strings to debt agreements, never forced any African country to take out loans, and never pressed for debt service by any African country. Not a single African country slid into debt predicaments or has been forced to mortgage its ports, mines, or other strategic resources to China just because it has financing cooperation with China,” the Chinese ambassador said.
Also read,
China measures to expand imports from Africa: Chinese trade official
New Report casts doubt on Chinese debt-trap threat to Mombasa port
Follow us
