China fines Kenya Ksh1.3B for defaulting on Standard Gauge Railway loans

Kenya has been fined Ksh1. 312 billion by the Chinese government for defaulting on payment of loans used to build the Standard Gauge Railway (SGR) in the financial year ending June 2021.

Makesense Promotions gathered that, Documents released by Kenya's National treasury revealed that the fine relates to the cost of default on interest at 1% of the due amount.

It was also learnt that the multi-billion project has increased the country's debt crisis owing to its yearly costs of operation. For instance, the project's cost of operation stood at Ksh18.5billion against Ksh15 billion (profits) in the 2020-21 financial year.

It is also speculated that the country's debt standing at Ksh8.6 trillion, will skyrocket after President William Ruto returned activities at the inland dry ports back to Mombasa.

https://makesensepromotions.com/china-fines-kenya-ksh1-3b-for-defaulting-on-standard-gauge-railway-loans/

Kenya has the Jokers card it can Nationalize everything and repay the loan at its convenience

If China mistakenly grab the world power, the world go hear ham..

Western Zobies above me are already spitting thrash . How can grownup men refuse to think for themselves for once baffles me.
What has China done wrong now ? You collected a loan , defaulted the terms and agreement and get sanctioned and some persons are already accusing China of tyranny.
Ordinary LAPO will sanction you if you default let’s not talk of our main banks here .
Who sanctions anyone more than the west ?
But too much Hollywood has made China seem evil no matter what they do .

Chinese govt should just take bubu because nah him used Nigeria name to collect loan...

I pity Nigeria

Incase Nigeria default in any agreements with you guys, Take Buhari along with you.

Even Nigeria Railways Corporation is now saying that they cannot generate enough money to repay the loan borrowed from China. China is coming.

Borrowing money to build railways when we still generate less than 5,000 megawatts of electricity was the most senseless decision of this administration!

Chickens coming home to roost