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No Reprieve for Kenya’s Loan Bid as Chinese Banks Resist Move

Yasuyoshi CHIBA / AFP

Kenya is moving forward with repaying Chinese creditors after the Treasury failed to secure an extension of a 6-month debt repayment holiday that expired in June. The Treasury said on Monday that it will meet all of its Chinese debt obligations, particularly to the China Exim Bank that funded most of the $6 billion Standard Gauge Railway projects.

Chinese creditors made it clear last month that they were in no mood to provide additional leeway after they stopped disbursements to other Kenyan projects that are currently in development.

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