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World Bank clout rises as China cuts Kenya loans
Deputy President Rigathi Gachagua with the World Bank Country Director Keith E. Hansen after a courtesy call at Harambee House Annex, in Nairobi on January 27, 2023. PHOTO | DPCS
The Covid-19 pandemic and uncertainties over the global economy have triggered a reshuffle in Kenya’s debt mix, with China’s portion lagging behind that of multilateral institutions like the World Bank and the International Monetary Fund (IMF).
A high risk of distress in several African countries such as Kenya has spooked China, which lends to countries through its China Exim Bank.
