UHURU’s appetite for China loans may continue as Hong Kong Mortgage firm offers to buy Kenya and Africa’s Chinese debts

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Monday October 5, 2018-Leading Chinese banking conglomerate, Hong Kong Mortgage Corporation (HKMC), has proposed plans to buy Africa's debt and repackage them into securities for sale to investors.

The HKMC plan will see more than 90 firms, including project developers or operators, commercial and investment banks, multilateral development financial institutions, asset owners and managers and professional service firms from Hong Kong, mainland China and overseas join as partners.

The firm will provide Chinwith extra liquidity that it can loan out to finance more infrastructure projects.

This initiative we believe will help ‘recycle’ commercial banks’ capital to be redeployed into other greenfield infrastructure projects, besides enabling wider capital markets participation in infrastructure development under the Road and Belt initiative,” said HKMC Greater China Chief Executive, Helen Wong.

However, President Uhuru Kenyatta and other African leaders who are currently in China, have been warned to be cautious about the deal as it could lure African countries to more debt.

The Kenyan DAILY POST




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