While Japan, France, and Kenya’s other major bilateral creditors are all giving Nairobi some breathing room during the ongoing pandemic in the form of reduced debt servicing payments, that is not the case with China. Last quarter, the Treasury transferred $266 million to Chinese creditors, mostly to the China Exim Bank, to fulfill its debt repayment obligations, according to a report in Business Daily.
Earlier this year, the Kenyan government asked the China Exim Bank to extend a 6-month debt repayment holiday that expired on June 30th to run through the end of the year. When the bank refused, Kenya opted to proceed with its full repayment rather than to mount a challenge.
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