Foreign media: Kenya converted a $5 billion railway loan obtained from the China Export-Import Bank into RMB, which is expected to save $215 million in debt repayment costs annually.
This move not only brings the benefit of debt relief to Kenya, but also aligns with China's long-term goal of promoting the internationalization of the RMB. John Mbaraka, Minister of Finance of Kenya, stated that the country's railway loan interest rate is expected to drop from 6.37% to about 3%.
This decision provides an example for other African countries facing debt pressure, and may bring them closer to China.
Original article: www.toutiao.com/article/1845772887532636/
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