Kenya Seeks One Billion Dollars Loan From China To Fund Road Project
Kenyan Deputy President, Rigathi Gachagua says the Country’s President, William Ruto will be travelling to China later this month to seek One Billion Dollars loan to pay for stalled road projects in the Country.
Mr Gachagua said that many contractors had abandoned projects around the country as they were not getting paid for their work.
He said while Kenya was already heavily in debt to China, the president would ask for an extra loan while seeking a longer repayment period for the money already owed.
Report says, Kenya owes China more than Eight Billion Dollars from loans mostly contracted during the Administration President Uhuru Kenyatta for infrastructure projects.
The deputy president addressed the issue of extravagance by government officials, saying it was the reason the president had ordered a curb on foreign trips.
Earlier this week, the presidency banned public officials from taking non-essential trips abroad to cut spending and has ordered all ministries to cut their budget for the next financial year by Ten Percent.
