Kenya has successfully converted the currency for railway loans from China into yuan, which it expects will save it $215 million annually in debt servicing costs, according to Treasury Secretary John Mbadi.
The East African nation took $5 billion in loans from the Export-Import Bank of China for a standard gauge rail line to connect its port city of Mombasa to a town just outside the capital, Nairobi. About $3.5 billion was still unpaid by June 2024, according to the government's debt register, and Kenya spends $1 billion annually on servicing its debts to China.
