China now owns 72 % of Kenya 's external debt , eight times more than the share of France – the African nation 's second - largest creditor . The International Monetary Fund also stopped Kenya’s access to a $1.5 billion standby credit facility due to non-compliance with fiscal targets. Kenya 's public debt recently surged to $ 50bn , renewing fears that the country will be unable to pay for its borrowing needs . The government argues that Chinese lending is part of its strategy to upgrade infrastructure but critics say it will lead to further dependence on Beijing that could entrap the nation .
China now owns 72 % of Kenya 's external debt , eight times more than the share of France – the African nation 's second - largest creditor . Kenya 's public debt recently surged to $ 50bn , renewing fears that the country will be unable to pay for its borrowing needs . The government argues that Chinese lending is part of its strategy to upgrade infrastructure but critics say it will lead to further dependence on Beijing that could entrap the nation .