Kenya Converts $3.5bn China Exim Railway Loans Into Yuan, Saving $215mn Annually; Eyes New IMF Deal

Kenya converts $3.5bn China Exim railway loans into yuan, saving $215mn annually; eyes new IMF deal

Kenya’s Treasury said the switch aims to hedge against US dollar volatility and align repayment flows with Chinese import and project spending, which are largely yuan-denominated. The currency swap immediately reduces near-term debt-service costs.

Kenya Snags $215 Million in Savings After Chinese Loan Currency Swap

Kenya converted its Chinese railway loans from dollars to yuan, cutting annual debt-servicing costs by $215 million and setting a potential precedent for other African nations.

Kenya Converts SGR Debt to Yuan, Saving $215M Annually in Servicing Costs

Kenya has finalised a currency conversion deal with China for its Standard Gauge Railway (SGR) loans, a strategic move expected to save the country approximately $215 million (Ksh27.79 billion) annually in debt servicing. The announcement was made by Treasury Cabinet Secretary John Mbadi, who confirmed that the government successfully converted part of its Chinese railway [...] The post Kenya Converts SGR Debt to Yuan, Saving $215M Annually in S…

Kenya converts $3.5bn dollar loans from China into yuan to cut interest

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 […]

Kenya Dumps US Dollar for Chinese Yuan in Move to Cut Costs

Treasury said the decision to switch the currency of the loan to the yuan will help reduce debt pressure.

Kenya converts $3.5 billion loans from China into yuan to cut interest

Kenya has completed converting three railway construction dollar-denominated loans from China into yuan in order to save on interest payments