Browsing: China Tops Kenya’s Bilateral Loans With Massive $7.2billion

• Kenya’s bilateral loans data show that the Asian giant is still a major lender to Kenya mainly for the development of roads rails and port infrastructure.
• The country’s debt as of March 2024 comprised of $80.9 billion (Sh10.4trillion) comprising $40.5 billion (Sh5.2 trillion) domestic and same amount in external loans.
• In the past three months the strong shilling has come in handy in helping the state reduce its debt.

Kenya owes China $7.2 billion (Sh920.52 billion) in loans making it the leading lender by country rankings, even as President William Ruto looks west for more financing and trade cooperation.

Official data shows the Asian giant is still a major lender to Kenya mainly for the development of roads rails and port infrastructure.

It is the second biggest majorl lender after the World Bank, whose credit line to Kenya is currently at an estimated $14 billion (Sh1.8 trillion)

The country’s debt …