China gives Kenya smallest loan since 2008 in new shift
A bank teller counting Chinese 100-yuan notes. China’s loans for President William Ruto’s first full-year budget will be the smallest in 16 years as Beijing adopts a more cautious approach to lending in Africa. PHOTO | AFP
China’s loans for President William Ruto’s first full-year budget will be the smallest in 16 years as Beijing adopts a more cautious approach to lending in Africa where some nations have reached the limit of their borrowing capacity and the prospect of default looms.
Treasury documents made public on Tuesday show that Chinese funding for the year starting July will fall to Ksh1.74 billion ($12.7 million) from Ksh29.5 billion ($216.5 million) in the current fiscal year and Ksh71.2 billion ($522.5 million) in 2017.
