Kenya converts Sh452bn Chinese railway loans into yuan to reduce dollar debt risk
Cabinet Secretary for National Treasury and Economic Planning John Mbadi before the National Assembly Public Debt and Privatisation Committee at Continental House Nairobi on November 28, 2024.
Kenya has completed converting three railway construction dollar-denominated loans from China into yuan in order to save on interest payments, its Finance Minister John Mbadi said on Tuesday.
The swap, which allows the floating, dollar-based interest rates across the three loans from China Exim Bank to drop into their lower, yuan-based rates, will save the country about $215 million (Sh28 billion) a year, Mbadi told reporters.
