Tag: Standard Gauge Railway
Related Posts
China Stands Apart From Kenya’s Other Bilateral Creditors in Requiring Full Debt Repayment
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 ...
In State of the Nation Address, Kenyatta Called For Kenya to Become the World’s Next “Asian Miracle”
Kenyan President Uhuru Kenyatta delivered his eighth and final State of the Nation address on Tuesday and used the occasion to justify the massive expansion of the country's debt as part of his plan to accelerate economic growth, much the same way a small group of Asian ...
Finally, Some Good News For Kenya’s Embattled Standard Gauge Railway
While Kenya struggles to repay billions of dollars of loans to the China Exim Bank used to build the Standard Gauge Railway (SGR), the government is getting a badly-needed boost from higher cargo and passenger volumes. Kenya Railways this week reported ...
Anzetse Were on the Current State of China-Africa Economic Relations
China-Africa trade figures for the first eight months of the year are in and they look solid. So good, in fact, that the two sides appear on track to surpass last year's $187 billion in two-way trade. But those big numbers ...
Kenya’s Dream to Build a Modern Railway Is Turning Into an Economic Nightmare
Many Kenyans were excited about plans to build a modern railway across the country linking the port city of Mombasa and Malaba town on the Kenya-Uganda border. It was touted as a game-changer; the key to unlocking not just Kenya’s economic takeoff, but that of the entire ...
Week in Review: Chinese Hostages Freed in Nigeria & China Cuts Oil Buys From African Suppliers
Chinese defense contractors are making further inroads into the Angolan market. The state-owned China National Aero-Technology Import & Export Corporation (CATIC) signed an $85 million deal to provide the Angolan defense sector with a “supply of equipment, military means and assistance services.” CATIC is already a big player ...
An Update on Chinese Lending in Africa (It’s Not Good News)
This week's launch of the new Lagos to Ibadan Standard Gauge Railway may be the last time for a long while that a big multibillion dollars infrastructure project like this is built in Africa using Chinese loans. Chinese development ...
Nigeria Gives Up on Chinese Lenders to Finance Two Railway Projects, Talks With Standard Chartered Now Underway
The slowdown in Chinese infrastructure development lending in Africa is on vivid display in Nigeria, where the country's Transportation Minister acknowledged that he's no longer counting on Beijing to finance a pair of multi-billion railway projects, according to a Bloomberg report. ...
Time’s Up. Kenya’s Debt Deferral Deal With China Runs Out at the End of the Month and a Big Payment is Due
The 6-month debt deferral deal that Kenya secured with China back in January under the auspices of the G20 is now coming to an end and the government will either have to come up with almost a billion dollars to begin loan payments or negotiate ...
Uganda Announces Breakthrough Deal to Link Its Railway With Kenya’s SGR
The Ugandan government on Monday signed a $46 million (Sh5 billion) deal with the China Road and Bridge Corporation (CRBC) to revamp a 260-kilometer railway that will connect to Kenya's Standard Gauge Railway, making it possible for goods and passengers to travel directly from Kampala ...
Kenya’s Treasury Chief Refutes Media Reports that the Port of Mombasa is at Risk of Forfeiture to China
Kenya's Treasury Cabinet Secretary Ukur Yattani denied, again, on Monday that the Port of Mombasa could be handed over to China in the event that Kenya Railways is unable to repay its SGR debt. Yattani responded to a front-page story in The Star ...
The Star Editorial Board: SGR Needs to Go Regional to Repay Its Chinese Creditors
Kenya needs to invest even more money into the embattled SGR if the railway has any chance of becoming financially self-sufficient to the point where it can repay its Chinese creditors, according to an editorial in today's The Star newspaper. For ...