Austrian government cancels over €9 millon Kenyan debt

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Flag of Kenya
Flag of Kenya

The Kenya Government Sunday hailed Austria for cancelling a 9,380,938.35 euro debt resulting from Bilateral Financial Cooperation Agreements between the two countries. Foreign Minister Moses Wetangula said the Government of Kenya was pleased by the Austrian move, which he described as an effort to alleviate the debt burden on Kenya. He said the debt was from a soft loan agreement signed in 1991 for the financing of the Masinga-Kitui Pipeline Water Supply Project in the country’s Eastern Province. “This kind gesture from the Austrian Government serves to underscore the excellent relations that exist between our two countries and will greatly boost the Government’s efforts towards the attainment of Kenya’s development goals in line with Vision 2030,” said Wetangula.

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