Kenya failed to meet Chinese debt payment that were used to fund Standard Gauge Railway highlighting the struggles incurred. The Chinese banks has gone ahead to impose Ksh. 1.312 billion shillings fine on loan repayment defaults in the financial year ending June this year. According to the treasury documents on Business Daily.
Kenya borrowed over 500 trillion shillings from Chinese banks in order facilitate the building and completion of SGR. However, this has brought issues in repayment as the dues collected from passengers and cargo alone aren’t enough to meet the payment. This has called for tax payers intrusion in order to aid the debt settlement.
