Amounts Owed, China, France and Other Countries that Lend Kenya Money.

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China, France and Other Countries that Lend Kenya Money, Amounts Owed

President Uhuru Signing loans in the past borrowed from China.

May 07, 2022, 10:25 AM
By: Editor || Mteuleonline24 2mins Read.

√ Kenya's public debt rose by 14.9%, from KSh 6.3 trillion at the end of June 2020 to KSh 7.2 trillion at the end of June 2021 

√ Nairobi's debt to China increased from KSh 719.4 billion in 2020 to KSh 761.2 billion in June 2021, representing 5.8%

√ Japan is expected to lend Kenya KSh 36.49 billion in the 2022/2023 financial year and will surpass China as the largest source of loans.

Kenya's debt level over the last decade has soared to unprecedented levels, driven by huge spending on infrastructural development and a high deficit. 

According to the 2022 Economic Survey report released by the Kenya National Bureau of Statistics, public debt rose by 14.9%, from KSh 6.3 trillion at the end of June 2020 to KSh 7.2 trillion at the end of June 2021.

"The total external debt grew by 14.7% to KSh 3.8 trillion, accounting for 53.5% of the total debt. The debt stock from France and Japan grew by 15.2% and 14.6% to KSh 91.9 billion and 87.2 billion, respectively."

China’s debt grew by 5.8%, accounting for 71.5% of the total debt of the bilateral agencies," the survey stated.

List of countries that lend Kenya 

1. China

Kenya has looked East to fund its infrastructural projects over the last 10 years. Nairobi's debt to China increased from KSh 719.4 billion in 2020 to KSh 761.2 billion in June 2021. 

2. France 

France is the second-largest lender to Kenya. As of June 2021, Kenya owed France KSh 91.9 billion, up from KSh 79.8 billion in 2022

3. Japan 

Japan is one of the largest bilateral creditors to Kenya. Kenya owed Japan KSh 87.4 billion as of June 2021.

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