East Africa’s economic powerhouse, Kenya, defaults on the 178 million dollars loan it received from the Italian Bank, Intesa San Paolo, the East African reported.
A country struggling to repay huge pile of external loan, Kenya was supposed to service 78 million dollars of the debt on May 9 and another 100 million dollars on May 18.
The Kimwarer dam project was canceled by President Uhuru Kenyatta two years ago, while the Arror dam project has been launched at half the costs following an order from the head of the government.