Kenya will save $215 million (Sh27.79 billion) annually after converting its three dollar-denominated standard gauge railway (SGR) loans to yuan, with repayment in the Chinese currency set to start in January next year.
Treasury Cabinet Secretary John Mbadi on Tuesday said Kenya had already converted most of the dollar-denominated loans owed to Beijing to Chinese yuan, paving the way for the country to switch from the expensive floating, dollar-based interest rates.