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China top creditor after Kenya books Sh70bn new loans

Construction works in Mikindani. Kenya has borrowed heavily from China to fund infrastructure projects. --FILE PHOTO | NMG

Kenya contracted $704.99 million (Sh70.55 billion) fresh loans from China in three months to December, helping Beijing regain its position from World Bank Group as the single-largest creditor.

Latest Treasury data show the stock of debt from China hit $6.2 billion (Sh620.60 billion) as at end of last year from $5.50 billion in September, consolidating the East Asian country’s influence on Nairobi’s infrastructure projects.

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