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The majority of Kenya’s foreign debt repayments worth 63.5 billion Kenyan shillings ($451.3 million) in July 2023 will be made to China, according to a local media report.
The East African nation makes biannual repayments for the standard gauge railway (SGR) loans procured from Beijing, Business Daily newspaper reported.
January and July account for the biggest debt service outflows during the year due to the SGR repayments, which will be KES50.1 billion ($356.4 million) this month.
The country’s external debt obligations, based on World Bank analysis, show substantial payments to France, China, eastern and southern African Trade and Development Bank, Eurobond creditors and World Bank institutions.
(Writing by P Deol; Editing by Anoop Menon)
