China fines Kenya $10m for defaulting on SGR loans
Kenya tapped over half a trillion shillings from Chinese lenders, led by the Export-Import Bank of China, to fund the construction of the SGR from Mombasa to Naivasha. PHOTO | FILE | NMG
Kenya defaulted on repayment of the Chinese loans provided to build the standard gauge railway (SGR), highlighting the country’s struggles with the mounting public debt.
The Chinese banks fined Kenya Ksh1.312 billion ($10.8 million) in the year ended June for loan defaults, according to Treasury documents seen by Business Daily.
