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Kenya seeking for China to split the cost into a loan and grant for the SGR extension.
Kenya are seeking fund from China for the extension of its Standard Gauge Railway (SGR) to Kisumu. The nation is asking for China to foot half of the bill for the extension of the project.
During a bilateral meeting with China’s Xi Jinping, President Uhuru Kenyatta ask for the cost to be split into a loan and a grant. This will help relieve the country from any financial problem. This will also help the nation secure financing deals for infrastructure.
President Uhuru Kenyatta said “The Naivasha-Kisumu phase of the SGR will cost $3.8 billion. He also said that owing to its regional significance, I would request that 50% of its cost be provided as part of grant financing.”
The deal if will go through will be a great news to taxpayers. Meanwhile the President said that Nairobi is ready to play into China’s Belt and Road Initiative.
The Standard Gauge Railway (SGR) whose first phase from Mombasa to Nairobi finish last year at a cost of Sh 327 billion. It will pass through Kenya, Uganda, Rwanda and the DRC.
Meanwhile if China provides a Sh190 billion grant then Beijing will not demand payment. But they could still squeeze in a deal to ensure the Chinese firms benefit from the project.
The country currently has a debt of Sh5.1 trillion. Meanwhile the President trying to change the public private partnership (PPP) in financing for other infrastructural projects.
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