China signals cuts in loans to Africa after reduction of financing pledge

President Uhuru Kenyatta with Chinese Foreign Minister Wang Yi

President Uhuru Kenyatta with Chinese Foreign Minister Wang Yi. FILE PHOTO | NMG

China has signalled a reduction in loans to Kenya and other African countries in coming years after it cut financial commitment to projects in the continent as much as a third in the next three years.

Nairobi has been a major beneficiary of China’s loans for the development of mega infrastructure projects such as roads and a modern railway over the last decade, making Beijing the largest bilateral creditor since 2015.