As I see from the public stats, it's about the rate people get for a car loan in US. And a car could easily be above $70K. From personal experience, when I had no credit history (i.e., the similar situation) I was charged twice of that rate. So it doesn't seem to be a lot.
The stronger the country's economy is, the cheaper they can borrow money. The poorer the country is, the more expensive it is to borrow. Basically, "it's expensive to be poor" applies both to individuals as well as countries.
