Inside Kenya's debt

News & Politics
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It seems local banks are part of the problem of Kenya’s massive debt apart from what Duale said,10% cuts as ‘chai ya mkubwa’

Below is what the Chinese ambassador says:

“…China is Kenya’s leading bilateral lender at Sh750 billion. The loans attract an annual interest rate of about three per cent. Twenty percent of Kenya’s total external debts are from china, roughly. Kenya’s internal debts attract an average yearly interest of 11 per cent, according to a Daily Nation report dated December 3, compared to 4.2 percent for external debt…”

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Kenyan Banks are owned by the elite. When you borrow locally at exorbitant rates you crowd out small businesses because government always pays it’s debts.

The Chinese debts are also at commercial rates which are more expensive than Worldbank rates. But no one asks questions amongst the Chinese.

The wealth created under Jubilee from looting is in the trillions of shillings.