China Responds to $1 Billion Loan Ruto Asked for During Beijing Visit

China’s financial institutions are in active consultation on specific matters with the Kenyan side with regards to the $1 billion loan which President William Ruto asked for during his visit to Beijing.

Chinese Foreign Ministry spokesman Wang Wenbin who spoke at a press conference in Beijing said both Kenya and China will do their level best to implement the common understanding reached by the two presidents.

According to Wang, the two presidents intend to further expand and deepen practical cooperation in investment, financing and other fields so as to deliver more tangibly for the Kenyan people and further deepen and solidify comprehensive strategic cooperative partnership with Kenya.

China will further expand and deepen its practical cooperation with Kenya to bring more benefits to the Kenyan people and promote substantive and tangible progress in bilateral partnership.

Also Read: Africa May Turn to China for Cheaper Loans amid High International Market Rates

Wang made the remarks when asked for updates on a $1 billion loan that President Ruto reportedly asked for during his China visit last October.

In recent years, China and Kenya have engaged in extensive practical cooperation on the basis of mutual respect and mutual benefit.

China responds to the Ksh.1 billion loan President William Ruto asked for during his visit in Beijing
Chinese Foreign Ministry spokesman Wang Wenbin

Projects such as the Mombasa-Nairobi railway and the Nairobi Expressway linking the airport and the capital have greatly improved Kenya’s infrastructure and received wide recognition from the Kenyan side.

“Our cooperation has become a good example of China-Africa Belt and Road cooperation,” said Wang.

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