{"id":72391,"date":"2022-10-26T16:40:32","date_gmt":"2022-10-26T16:40:32","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/no-fine-kenyas-sgr-loan-repayment-on-course-china"},"modified":"2022-10-26T16:59:23","modified_gmt":"2022-10-26T16:59:23","slug":"no-fine-kenyas-sgr-loan-repayment-on-course-china","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/no-fine-kenyas-sgr-loan-repayment-on-course-china","title":{"rendered":"No fine! Kenya\u2019s SGR loan repayment on course – China"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Kenya has not defaulted on its SGR loan repayment, a Chinese government official has confirmed.<\/p>\n

Director general of African Affairs in the Chinese Foreign Affairs ministry Wu Peng on Tuesday evening said Kenya\u2019s repayment of the China Exim Bank loan is very normal.<\/p>\n

\u201cRecently in Kenya, they said that China has slapped some fines for defaulting on Chinese SGR loan. It is not true,\u201d Peng said.<\/p>\n

Media reports on October 13 reported that Chinese banks slapped Sh1.312 billion fine on Kenya after it defaulted on the loan repayment, a matter that was quickly refuted by the National Treasury.<\/p>\n

Kenya\u2019s 480km Standard Gauge Railway between the two biggest cities of Mombasa and Nairobi was built at a cost of USD3.6 billion (approximately ShSh429 billion at the current rate) by the China Roads and Bridge Company.<\/p>\n

It is Kenya\u2019s biggest infrastructure project and China Exim Bank loaned the country Sh378 billion to cover its cost.<\/p>\n

Speaking when he hosted African journalists to a banquet at St Regis Hotel in Beijing, China, on Tuesday evening, Peng said there is a lot of misinformation being circulated that does not help the relationship between China and Kenya, among other African countries.<\/p>\n

\u201cCommon dictates suggest that for there to be a fine, there must be defaulting. But my very reliable information source told me Kenya did not default on the loan,\u201d he said.<\/p>\n

He said the repayment by Kenya to China Exim Bank is very normal.<\/p>\n

\u201cThe repayment has no problem at all,\u201d Peng stressed.<\/p>\n

Kenyan Treasury CS Ukur Yatani said Kenya has not accumulated any debt arrears in decades to suggest difficulties in debt servicing.<\/p>\n

\u201cWe wish to state categorically, that Kenya has never defaulted on the settlement of its debt service obligations to any of its creditors, nor has any creditor filed or reported any claim of default on debt service payments on facilities extended to the Government of Kenya,\u201d Yatani said.<\/p>\n

\u201cAs a country accessing international financial markets to raise resources, Kenya undergoes frequent independent sovereign rating reviews whose outcomes are published widely. At no time has Kenya been flagged as a country defaulting on its external debt obligations.\u201d<\/p>\n

On Tuesday, Peng said before publishing such information, one must get the facts right first.<\/p>\n

\u201cThis kind of false information really hurts the people-to-people understanding of each other. That is very irresponsible,\u201d Peng noted.<\/p>\n

He said in any relationship, trust must first be established hence there must be mutual trust between China and Africa for the relationship to be mutually beneficial.<\/p>\n

China has been pushing for sincere cooperation between them and other developing countries in Africa and other continents in a bid to ensure common development and shared prosperity.<\/p>\n

Chinese President Xi Jinping stressed this during the 20th Communist Party of China national congress held in Beijing between October 16 and October 22, where he was elected the party\u2019s general secretary for the third five-year term ending in 2027.<\/p>\n

\u201cChina is prepared to invest more resources in global development cooperation. It is committed to narrowing the North-South gap and supporting and assisting other developing countries in accelerating development,\u201d Xi said at the opening ceremony of the congress on October 16.<\/p>\n

Lately, there has been criticism about China-Africa cooperation. Peng said although China welcomes constructive criticism from partners and friends, there is some criticism that has hidden agendas.<\/p>\n

He said the \u2018debt trap\u2019 debate is not the main issue that evokes criticism but some agenda being pushed by the West so as to antagonize the bilateral relationship between China and African countries.<\/p>\n

\u201cActually, from the year 2000 when the Focac (Forum for China-Africa Cooperation) was set up, the relationship between China and Africa developed very well,\u201d said Peng.<\/p>\n

Since then China-Africa bilateral trade has grown almost 20 times, according to the director general, and investment has grown rapidly.<\/p>\n

\u201cOur products in Africa are now almost everywhere and more African businessmen are doing business in China,\u201d Peng said.<\/p>\n

On the political side, China and Africa have supported each other on international fora and have been protecting their common interests.<\/p>\n

Peng said the most important thing for developing countries is to believe in themselves to be able to cope without unnecessary help from outside.<\/p>\n

\u201cAll men are created equal. No one is smarter than the other. If someone else can do it, why can\u2019t we?<\/p>\n

\u201cWe must trust ourselves through hard work. We can find a development plan suitable for our situation,\u201d Peng challenged.<\/p>\n

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

Africa-Press – Kenya. Kenya has not defaulted on its SGR loan repayment, a Chinese government official has confirmed. Director general of African Affairs in the Chinese Foreign Affairs ministry Wu Peng on Tuesday evening said Kenya\u2019s repayment of the China Exim Bank loan is very normal. \u201cRecently in Kenya, they said that China has slapped […]<\/p>\n","protected":false},"author":84,"featured_media":72390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[6857,7003,544],"class_list":["post-72391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nNo fine! 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