Home Business Kenya to borrow $4bn from China to finance rail project
Kenya to borrow $4bn from China to finance rail project
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Kenya to borrow $4bn from China to finance rail project

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Image result for Kenya to borrow $4bn from ChinaKenya is negotiating a new loan of about $4 billion from China to help in building the Naivasha-Kisumu-Malaba standard gauge railway.

Treasury Secretary, Henry Rotich, is expected to fly to China in the coming weeks to perfect the papers.

The $4 billion debt from the Asian giant amounts to nearly six per cent of gross domestic product of Kenya.

The on-going 495-kilometre Mombasa-Nairobi standard gauge rail line, set to open on June 1, is being financed with a $2 billion commercial loan from the Chinese government.

Kenya and Uganda last month agreed to jointly implement the Nairobi-Malaba-Kampala rail project.

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