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China beats Japan to become Kenya’s top foreign financier
Treasury secretary Henry Rotich (seated right) and Chinese minister of Commerce Gao Hucheng sign the standard gauge railway deal at State House Nairobi in May. The signing ceremony was witnessed by Chinese PM Li Keqiang and presidents Uhuru Kenyatta, Yoweri Museveni (Uganda), Paul Kagame (Rwanda) and Salva Kiir (South Sudan). PHOTO | BILLY MUTAI | NATION
China has replaced Japan as Kenya’s largest bilateral lender, helped by its participation in the East African nation’s mega infrastructure projects, the Treasury’s latest debt report shows.
Kenya, East Africa’s largest economy, now owes China a total of Sh80.9 billion, the debt pile having risen 30 per cent in 12 months to May, according to the Treasury’s 2014 Debt Bulletin.
