{"id":14374,"date":"2022-04-17T17:20:23","date_gmt":"2022-04-17T17:20:23","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/report-casts-doubt-on-chinese-debt-trap-threat-to-kenyas-mombasa-port"},"modified":"2022-04-17T17:20:23","modified_gmt":"2022-04-17T17:20:23","slug":"report-casts-doubt-on-chinese-debt-trap-threat-to-kenyas-mombasa-port","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/report-casts-doubt-on-chinese-debt-trap-threat-to-kenyas-mombasa-port","title":{"rendered":"Report casts doubt on Chinese debt-trap threat to Kenya’s Mombasa port"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>When the alarm was raised more than three years ago in Kenya, the warning was dire.<\/p>\n

The country’s auditor general, who inspects the financial books of state entities, said Kenya could be made to surrender control of its port in Mombasa if it defaulted on a US$3.6 billion loan from China used to build the Mombasa-Nairobi Standard Gauge Railway (SGR).<\/p>\n

The warning came as speculation mounted that China had deliberately indebted Sri Lanka to seize its Hambantota port.<\/p>\n

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.<\/p>\n

The Chinese and Kenyan governments both denied that Mombasa port was collateral for the loan but offered no explanation, leaving the exact terms of the contract shrouded in secrecy.<\/p>\n

But a report released on Thursday by the China Africa Research Initiative (CARI) at the Johns Hopkins University School of Advanced International Studies said the auditor general was wrong to conclude that the port had been used as collateral for the railway loans.<\/p>\n

The warning was based on a misunderstanding of the “waiver of sovereign immunity” clause, a term that can also be found in other infrastructure contracts on the continent, according to the report.<\/p>\n

Kenya borrowed US$3.6 billion from the Export-Import Bank of China to build the railway from the coastal port city of Mombasa to the capital Nairobi. It then borrowed another US$1.5 billion from the same bank to extend the railway to Naivasha, a town in Central Rift Valley.<\/p>\n

In a leaked letter in late 2018, the Kenyan auditor general said the Mombasa port was the Kenya Ports Authority’s most valuable asset and was at risk of being taken over by China Eximbank if Kenya defaulted on the SGR loans.<\/p>\n

The auditor general said that if the rail’s freight operations failed to generate enough money to pay off the loans, the revenue from the port could be assigned to directly service Kenya’s debt owed to the bank. Further, the port authority was required to feed sufficient cargo into the rail to ensure its profitability and maintain minimum volumes required, the auditor general said.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. When the alarm was raised more than three years ago in Kenya, the warning was dire. The country’s auditor general, who inspects the financial books of state entities, said Kenya could be made to surrender control of its port in Mombasa if it defaulted on a US$3.6 billion loan from China used […]<\/p>\n","protected":false},"author":84,"featured_media":14373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9],"tags":[2355,2361,5070,260,5917],"class_list":["post-14374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","tag-africa-press","tag-africa-press-gambia","tag-chinese","tag-gambia","tag-kenyas-mombasa-port"],"yoast_head":"\nReport casts doubt on Chinese debt-trap threat to Kenya's Mombasa port - Gambia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/uncategorized\/report-casts-doubt-on-chinese-debt-trap-threat-to-kenyas-mombasa-port\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Report casts doubt on Chinese debt-trap threat to Kenya's Mombasa port\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Gambia. When the alarm was raised more than three years ago in Kenya, the warning was dire. 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