NAIROBI, January 30 (Xinhua). Kenya’s national debt rose by 1.3 trillion shillings ($ 11.8 billion) in 2020 as the East African nation stepped up borrowing and implementing various infrastructure projects in response to the COVID-19 pandemic.
The central bank found in its weekly update of the financial markets on Friday that debt rose to $ 66.1 billion from $ 54.3 billion in January 2020.
Of the national debt, $ 34.4 billion is external and the remainder is domestic, according to Apex Bank.
Most of the debt accumulated over the period came from the outside world and came from both multilateral and bilateral lenders such as the World Bank to aid Kenya’s efforts to contain the pandemic.
The East African nation also borrowed money during the reporting period to carry out various infrastructure projects, including roads and railways.