China is now going to occupy Kenya’s immensely profitable Mombasa port. Beijing had lent huge amounts for the development of Kenya’s railway network, which the African nation is not in a position to repay. Not only this, the inland container depot in Nairobi is also under threat of a Chinese takeover.
We must remember that the modus operandi is the same as was in Sri Lanka, when Colombo had to hand over the port of Hambantota to China on a 99-year lease due to non-payment of Chinese borrowings. China had lent 550 billion Kenyan shillings for construction of Kenya’s Standard Gauge Railway project. It is not fetching enough revenue and has lost 10 billion Kenyan shillings in the first year itself. China is going to acquire not only that project but also the Mombasa port to make up for the deficit. The auditor general of Kenya says that a one-sided agreement was reached with the Exim Bank of China, and even the arbitration of this agreement can only take place in China. Significantly, all the SGR receipts still go to the escrow account as per the unequal agreement favouring China.
This story is from the December 19, 2019 edition of The New Indian Express Chennai.
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This story is from the December 19, 2019 edition of The New Indian Express Chennai.
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