Kenya in talks with China to convert dollar SGR loan into yuan
Kenya is in talks with China to convert a dollar-denominated railway loan into Chinese yuan, an aide to the finance minister, John Mbadi,
Kenya is in talks with China to convert a dollar-denominated railway loan into Chinese yuan, an aide to the finance minister, John Mbadi, told Reuters on Wednesday.
China is Kenya’s biggest bilateral lender, and the country took on the debt to construct a $5 billion high-speed railway, one of the country’s largest infrastructure projects to date.
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Bloomberg News reported the plans to convert the loan earlier on Wednesday, saying it would save money due to lower interest rates in China compared with the United States.
Kenya has been working to reduce its debts, as investors and the International Monetary Fund say it remains at high risk of debt distress.
Last year, the East African nation’s efforts to hike taxes to improve its financial situation sparked deadly protests, leading the government to backtrack. It has since tried to find other ways to create more fiscal space.
Chinese authorities were not immediately available for comment.
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