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China fines Kenya Sh1.31bn for defaulting on SGR loans

Passengers board a Madaraka Express train at Nairobi Terminus to Mombasa. FILE PHOTO | NMG

By  John Mutua

Business Reporter

Nation Media Group

Kenya defaulted on repayment of the Chinese loans provided to build the standard gauge railway (SGR), highlighting the country’s struggles with the mounting public debt.

The Chinese banks fined Kenya Sh1.312 billion in the year ended June for loan defaults, according to Treasury documents seen by Business Daily.

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