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Kenya says Chinese infrastructure projects in Kenya are viable

Abstract : Chinese infrastructure projects being undertaken in Kenya are viable because they will have a positive effect on the economy, a senior government official said on Tuesday.

NAIROBI, Dec. 1 (Xinhua) — Chinese infrastructure projects being
undertaken in Kenya are viable because they will have a positive effect
on the economy, a senior government official said on Tuesday.

Ukur Yatani, Cabinet Secretary of National Treasury and Planning told
the parliamentary committee on finance and national planning that the
Chinese have undertaken and financed major road and rail projects that
have eased transportation of people and goods across the country.

“The rate of completion of the projects has been fast and they also
have a long-term effect on the economy which is very good,” Yatani said.

He noted that on average the interest rate for Chinese loans to Kenya
is three percent per year which is below the commercial lending rates
in the country.

“There is a perception that we are getting loans from foreign governments at very high rates,” Yatani noted.

He added that it is standard practice for governments to borrow in
order to fund projects that will result in faster economic development.

He added that Kenya has maintained public debt that is below the
international debt sustainability threshold. “We are therefore not
seeking postponement or forgiveness of debt because we are not facing
any difficulty in repaying the loans,” he revealed.

He observed that the east African nation is keen to avoid the negative consequences of defaulting on loans received.

According to the Treasury, the government is also keen to restructure
the state-owned enterprises that are a financial burden to taxpayers.

“Over time we have created many state enterprises that have led to
duplication of functions and so some will be merged or dissolved,”
Yatani said. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy,BRI Trade,BRI Investment,Belt and Road weekly,Know Belt and Road,and the integrated information services for the Belt and Road Initiative (BRI).

Source: Kenya says Chinese infrastructure projects in Kenya are viable

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