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Sliding Currency Push Up Kenyan Payments for Chinese Railway

Simon Mania/AFP

Kenyan tax payers will have to cough up $87 million more for a January repayment of a loan for the Chinese-built Standard Gauge Railway (SGR) because of a depreciation on the value of the Kenyan shilling.

According to the World Bank, Kenya is due to pay $536 million for the SGR in January 2024, 14 billion Kenyan shillings ($87 million) more than a year ago, due to a stronger U.S. dollar. The shilling declined 27.36% against the dollar over the last twelve months.

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