When it was announced in 2023 that the African Union would become a full member of the G20, I darkly joked on a podcast that the AU’s entry into the body could very well mark the moment the G20 lost its status as one of the most important global coordination forums. Mark my words, I said, soon The Economist will be like “Uhhh, the G20 is OVER – it’s the ...
Tag: Standard Gauge Railway
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Kenya’s Chinese Debt Swap Comes With a Hidden Currency Risk
The Kenyan Treasury last month announced a breakthrough in its years-long effort to restructure billions of dollars still owed to the China Exim Bank that were used to build the Standard Gauge Railway. The two ...
Kenya’s China Debt Deal Challenges Old Narratives
Kenya and China have reached a groundbreaking agreement to restructure $3.5 billion in railway loans, converting them from U.S. dollars into Chinese yuan. The move could save Kenya $215 million in debt servicing costs and marks the first time an African ...
After Kenya Secures Landmark Railway Debt Deal With China, Indonesia Eyes a Similar Renegotiation
Indonesia's Investment Minister Rosan Roeslani confirmed on Wednesday that talks are underway with Chinese creditors to restructure the $7.3 billion of debt owed by the Sino-Indonesian joint venture that operates the Whoosh high-speed railway. Although the train has been popular with travelers,
Kenya Swaps $3.5 Billion in Chinese Railway Debt From Dollars to Yuan, Cutting Costs and Boosting Beijing’s RMB Push
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 ...
Kenya Caught Uncomfortably Between the U.S. and China
The Kenyan government is under mounting pressure from the United States over its close ties with China. Influential lawmakers in Washington are furious over comments made by President William Ruto during a visit to Beijing earlier this year, where he said ...
Kenya in Talks with China to Convert Debt to Yuan
Kenya’s Treasury Secretary John Mbadi said his government is in talks with Chinese counterparts to convert the denomination of its debt to China from U.S. dollars to Chinese renminbi. “The moment we move from the U.S. dollar to the renminbi, automatically, ...
Chinese Company Leads Africa’s First Cross-Border Standard Gauge Railway Expansion
China Railway Group Limited (CREC) is heading the construction of a new transfrontier rail line between Tanzania and Burundi. Construction of the Uvinza–Musongati line was officially inaugurated during a ceremony on Saturday. The 1,435-kilometer electrified line will provide landlocked Burundi ...
Standard Bank Becomes First African Bank to Offer China’s Cross-Border Interbank Payment System
China's alternative to the SWIFT international payment network is now available in Africa, following the announcement by Standard Bank, the continent's largest bank in terms of assets, as the first institution to offer the Cross-Border Interbank Payment System (CIPS). This is ...
Kenya’s FM Pushes China for Fast Approval of Financial Assistance Package
Kenya's top diplomat, Musalia Mudavadi, hoped that his visit to China this week would prompt Beijing to speed up approval of a large financial package that his government is counting on to build new roads and extend the Standard Gauge Railway (SGR) to the Ugandan border.
WEEK IN REVIEW: Wang Yi Meets Over 50 African Envoys on Africa Day
Brazilian prosecutors announced they are suing the Chinese carmaker BYD and two of its contractors for slave-like labor conditions. Prosecutors in Bahia state are seeking about $50 million in damages from BYD, China JinJiang Construction Brazil, and Tecmonta Equipamentos Inteligentes. The suit follows a complaint last year that ...
WEEK IN REVIEW: Kenya Courts China While U.S. Sounds Alarm Over Beijing’s Reach in Africa
Kenyan President William Ruto is scheduled to travel to Beijing later this month for an official state visit, where he's widely expected to finalize a long-awaited deal to extend the Chinese-built Standard Gauge Railway (SGR) to the Ugandan border. But ...
New Deal Revives Kenya’s Standard Gauge Railway
Kenya’s dream of expanding its Chinese-built Standard Gauge Railway (SGR) to the Ugandan border could be coming to fruition. A funding deal for the third phase of the railway project was announced following a trip to China by the country’s Finance Minister John Mbadi.