The Africa Debt Renminbi Shift

An important signal may be emerging for African debt markets — and it’s coming from Kenya.

Nairobi has secured a debt re-profiling agreement with China, extending repayment on a 3.5 billion dollar loan by 15 years and shifting the denomination from US dollars to the Chinese renminbi.

For a continent where China remains the single largest bilateral creditor, this move could set a template. 

Jibran Qureishi is the Head of Africa Regions Economic Research sheds light on this development.