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Japan overtakes China in fresh Kenya loans race
President Uhuru Kenyatta at State House, Nairobi, with State of Japan Ambassador to Kenya Okaniwa Ken. On the right is Foreign Affairs Cabinet Secretary Raychelle Omamo. PHOTO | PSCU
China has cut fresh financial commitment to Kenya’s development projects by nearly four times in seven years, falling behind Japan on the list of top bilateral lenders to the East African nation for the second year running.
The Treasury has in the budget estimates for the financial year starting July listed Japan as the largest source of bilateral loans and grants, leapfrogging China which has been the biggest financier for nearly a decade.
