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Kenya to repay Chinese loan at floating rate
A huge chunk of the Sh425bn Chinese loan negotiated during the recent visit by President Uhuru Kenyatta will go towards building a standard gauge railway. Photo/File
Kenya will be banking on stable global conditions to keep its financing costs low after pegging the Sh425 billion concessionary loan advanced by China to an international benchmark.
Transport secretary Michael Kamau said last month’s loan for the standard gauge railway (SGR), energy and wildlife protection was negotiated at a floating interest rate of 360 basis points above the London Interbank Offered Rate (Libor).
