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Kenya will repay China close to Sh30 billion this month for the three loans borrowed to construct the Standard Gauge Railway (SGR).
Data from the National Treasury shows that Kenya will pay instalments for two loans for the Mombasa-Nairobi leg of the SGR and another for the Nairobi-Naivasha phase of the modern railway.
The repayment is likely to leave a huge hole in the country’s foreign exchange (forex) reserves, which by Friday stood at $7.98 billion (Sh940 billion), or enough to cover the country’s imports for 4.74 months, data from the Central Bank of Kenya (CBK) shows.
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