Kenya plans to ask China for a longer repayment period on $5 billion of loans it used to build a new railway line, Transport Secretary-designate Kipchumba Murkomen said.
Servicing the Export-Import Bank of China loans, which mature in 15 to 20 years, is choking the economy, Murkomen told lawmakers Wednesday at a confirmation hearing in the capital, Nairobi.
“If we can manage to renegotiate to 50 years, then it will ease the burden” and enable the government to use money for other parts of the economy, he said. “We are choked by loans.”
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