Kenya, China in Talks to Convert Dollar Loans Into Yuan Debt

Kenya is in talks with China to convert dollar-denominated debt the East African nation owes its biggest bilateral lender to yuan and extend the repayment period, Treasury Secretary John Mbadi said.

The negotiations are aimed at helping reduce the $1 billion Kenya spends annually on servicing its debt to China, and to create more wiggle room in its budget, he said in an interview in the capital, Nairobi, on Wednesday. The discussions are expected to conclude soon, Mbadi said, without providing a more specific time frame.