The Export–Import Bank of China has opened a Fuliza credit facility for the Kenyan government in a move that is meant to help the government of Kenya deal with short term cash crunch.
Speaking during the launch of the service, the China Exim Bank spokesman said that this move will help cement the position of Kenya as top rated borrower and help them get short term loans to pay long term loans that are due. He further added that the government has always been ignored by digital lending apps, and this Fuliza facility will help Kenya move out of the financial distress.
The Fuliza facility will allow Kenya to spend taxes in advance, just like the Safaricom Fuliza service that allows users to spend their money before they earn it.
The Cabinet Secretary in charge of finance said that Kenya is looking to bootstrap its economic growth through excessive borrowing and limited loan servicing. At worst, the country can choose not to repay the loans as an International CRB does not exist.
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