According to the Treasury report
submitted to the National Assembly, the eleven loans were taken between the
periods of September 2023 and January 2024 and are set to be repaid in several
installments with the last one repaid by 2053.
The loans were meant to improve
financial support for different government projects and parastatals.
Kenya Power is among the
parastatals that benefitted from the loans with the utility firm receiving
capital injection to boost access to electricity.
The loans were also taken out to
enable the government to roll out projects geared at increasing employment,
improving water supply, and enhancing urban infrastructure development.
The first loan was a Ksh5.8
billion facility which was taken in October 2023 to spur economic development
in North Eastern.
The loan was issued by the OPEC
Fund for International Development.
Another loan amounting to
Ksh14.2 billion was advanced on December 6, 2023, by the International
Development Association (IDA).
The loan was earmarked for Youth
Development projects across the country. This loan is expected to be repaid
between 2029 and 2025.
On December 21, the government
took another Ksh4.3 billion loan from IDA.
The facility was meant to
finance water and security projects and enhance security in the country. The
loan is expected to be repaid by 2053.
The government again borrowed
Ksh28 billion which was channeled to Kenya Power to enhance electricity supply in the country. This loan was taken on December 15 from the
IDA.
Another Ksh36 billion was taken
by the government to enhance public finance management.
The health sector also
benefitted from a Ksh17 billion loan taken which was channeled to enhance
emergency responses.
Ksh30 billion was taken from the
Trade and Development Bank which was used partly used in refinancing the Ksh310
billion Eurobond maturing in June.
Additionally, Kenya took Ksh21
billion from International Development Association (IDA) for Kenya's urban
support programme, the repayment is up to 2035.
The Kenyan DAILY POST
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