China fines Kenya over $10.8M for defaulting on railway loan

Kenya denies defaulting on China railway debt

Kenya on Thursday denied it had defaulted on interest repayments on a loan advanced by China for the construction of a railway line from the port city of

Kenya denies defaulting on China railway debt

The $5 billion project, financed 90 percent by China, replaced the so-called "Lunatic Express" -- a line built more than a century ago by colonial power Britain which was notorious for lengthy delays and breakdowns. Kenya's Business Daily reported that the government failed to repay interest on the loan in the financial year ended June, attracting a fine of 1.312 billion Kenyan shillings ($10.8 million).

China fines Kenya over $10.8M for defaulting on railway loan

Since 2014, Kenya has been taking huge loans from China to fund infrastructure projects, some controversial - Anadolu Agency

China slaps Kenya with Sh1.3bn fine for defaulting on SGR loan

Repayment of the SGR loan started in January 2020 after the lapse of a five-year grace period.

Kenya denies defaulting on China railway debt

NAIROBI, Kenya, Oct 14 – Kenya on Thursday denied it had defaulted on interest repayments on a loan advanced by China for the construction of a railway line from the port city of Mombasa that opened in 2017.The $5 billion project, financed 90 percent by China, replaced the so-called “Lunatic Express” — a line built more than a century ago by colonial power Britain which was notorious for lengthy delays and breakdowns.Kenya’s Business Daily repor…

Treasury Denies China Fined Kenya Ksh1.31bn for Defaulting on SGR Loans - Nairobi Wire

The National Treasury has refuted reports that China recently fined Kenya for allegedly defaulting on the Standard Gauge Railway loan. Media reports early Thursday morning had it that Chinese banks fined Kenya Sh1.312 billion in the year ended June for loan defaults. But Treasury Cabinet Secretary Ukur Yatani said Kenya has never defaulted on its […]