Kenya's landmark debt restructuring deal with China, announced last year, converted $3 billion in outstanding China Exim Bank loans from U.S. dollars to Chinese yuan. The currency switch could save the East African country more than $200 million in debt servicing costs.
Not surprisingly, other countries in Asia and Africa are now exploring similar arrangements to reduce their debt burdens. But a new report from the development finance research lab AidData argues that Kenya's savings came mostly from the restructuring terms — not from the yuan conversion itself.
AidData's Oshin Pandey and Sailor Miao join Eric and Cobus to explain how the deal worked, why it matters, and why there is more to this arrangement than most headlines suggest.
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