Stay updated with breaking news from Kenya Ksh. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The default occurred a year after Kenya requested a six-month extension of the debt repayment moratorium from bilateral lenders, including China. However, the lenders, particularly the Exim Bank of China, refused to consider Kenya's application.
Accumulated Chinese loans pushed Kenya near default and Beijing may seize Kenyan assets if it could not pay its debts.
Repayment of the SGR loan started in January 2020 after the lapse of a five-year grace period that Beijing had given Kenya.
The funds will benefit all Kenyans from all walks of life in need of financial assistance
Treasury has in the 2022-23 budget estimates listed Japan as the largest source of bilateral loans and grants.