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Kenya has converted $3.5 billion in dollar loans from China into yuan to cut interest
By Duncan Miriri
Reuters
Tuesday, October 7, 2025
NAIROBI -- Kenya has completed converting three railway construction dollar-denominated loans from China into yuan in order to save on interest payments, its Finance Minister John Mbadi said today.
The swap, which allows the floating, dollar-based interest rates across the three loans from China Exim Bank to drop into their lower, yuan-based rates, will save the country about $215 million a year, Mbadi told reporters.
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"It kicks off immediately and it is a saving in our fiscal space," Mbadi told journalists at a briefing, without providing a figure for the outstanding loan amounts that were converted. ...
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