Kenya Swaps $3.5 Billion in Chinese Railway Debt From Dollars to Yuan, Cutting Costs and Boosting Beijing’s RMB Push

Exterior of Kenya's National Treasury headquarters in Nairobi. Yasuyoshi CHIBA / AFP

Kenya and China have agreed to restructure the East African country’s loan portfolio by converting an estimated $3.5 billion of outstanding debts from U.S. dollars into Chinese yuan.

The amount is believed to be the remainder of more than $6 billion of loans borrowed from the China Exim Bank to construct the Standard Gauge Railway.

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by Eric Olander

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