Written by Staff Writer
22 Dec, 2018 | 9:07 pm
Colombo (News1st) – The Kenyan government risks losing the lucrative Mombasa port to China should the country fail to repay huge loans advanced by Chinese lenders.
In November, the African Stand reported on how Kenya is facing a high risk of losing strategic assets over huge Chinese debt and that the Chinese are about to take action in a few months. The loans had been granted for the development of the Standard Gauge Railway (SGR).
Also at stake is the Inland Container Depot in Nairobi, which receives and dispatches freight hauled on the new cargo trains from the seaport. Implications of a takeover would be grave, including the thousands of port workers who would be forced to work under the Chinese lenders.
Management changes would immediately follow the port seizure since the Chinese would naturally want to secure their interests. Further, revenues from the port would be directly sent to China for the servicing of an estimated Sh500 billion lent for the construction of the two sections of the SGR.
THIS IS A GOOD WAKE UP CALL FOR THE HAMBANTOTA PORT.
THIS IS NOT AN OPINION BECAUSE THIS IS WHAT IS ACTUALLY TAKING PLACE.
24 Apr, 2019 | 04:33 PM
24 Apr, 2019 | 03:00 PM
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