East Africa now owes China $29.4 billion in infrastructure loans
Passengers queue to ride Ethiopia’s tramway in 2015 in Addis Ababa. The China -funded project is hailed as a major step in the country’s economic development. PHOTO | AFP
East African economies have in the past 10 years borrowed $29.42 billion to grow their transport, communication, manufacturing and energy sectors.
The region’s economies are now spending almost eight per cent of their revenues to service these loans, which analysts say are becoming a burden, especially given that their impact is yet to be seen on the growth.
