Confirmed: Kisumu Port to be used as Security for SGR Loan- Raila, Uhuru signs in China!

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The Port of Kisumu Will be  Used as Collateral for a Loan from China, Uhuru and his Brother Raila confirms.

It is now clear that the Port of Kisumu will be used as collateral by the government of Kenya for a loan it will be securing from the Exim Bank of China to fund the construction of the Standard Gauge Railway (SGR) that will pass all the way to Kisumu.

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Recently, Raila had announced plans to bring the SGR to Kisumu. In an event in Kisumu, in a statement, Odinga said, “As you are aware the Standard Gauge Railway has now reached Naivasha. The railway will bring cargo up to this Port of Kisumu and from there it will be loaded on the ship and transported to Uganda.

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However, that is just a temporary measure. I want to announce that the SGR is coming here as well and very soon the work is going to start and it will commence where a new Port will be constructed,” he said. 

Mr. Odinga recalled how the Port of Kisumu used to be vibrant in the previous years with ships docking on an hourly basis bringing goods from Mwanza, Bukoba, Port Bell and Jinja.

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Recently, the Auditor General Edward Ouko, in a management letter, stated that Exim Bank would become a principal owner of the port if Kenya Railways Corporation (KRC) defaults in repaying 227 billion shillings borrowed to build the SGR.

The new signing is expected to elicit mixed reactions from many Kenyans and especially from the lake city dwellers who have been using the port as their main source of income. If not taken care of, China is soon going to take over Kenya’s major sources of incomes like the ports.

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