Kenya’s government has stepped in to pay Kenya Airways debts after the airline defaulted on a loan agreement for aircraft and engine acquisitions.
The government is also set to take over the loan in the current 2022-23 fiscal year, according to the country’s treasury.
In an annual public debt management report for 2021-22, the treasury states that Kenya Airways had previously borrowed $841.6 million from the US Private Export Funding Corporation.
The 10-year loan, initiated in 2017 and…