Kenya signs a loan of Ksh519B loan with EU, with France giving the highest amount, followed by Germany and UK. The 519B will be used to fund the big 4. We all know that 70% of the cash will end up in WSRs private kitty
We are officially shafted! Tena bila lube
Kenya has signed a five-year €4.5 billion (Sh520 billion) loans and grants deal with the European Union (EU), adding to the country’s debt load that now stands at Sh5.146 trillion.
The amount, contained in EU’s 2018 to 2022 joint co-operation strategy, is an increase from the previous five-year deal of €3 billion (Sh346 billion) and will focus on President Uhuru Kenyatta’s Big Four agenda.
“This agreement not only harmonises investment over a long period of time, it also aligns financial support with the priorities and objectives of the national government, such as the Government of Kenya’s Medium Term Plan III and the Big Four agenda,” the EU said Monday.
The agreement was signed between Treasury Cabinet secretary Henry Rotich and EU ambassador to Kenya Stefano Dejak.
Mr Rotich did not, however, disclose which proportion of the amount is loans and which one is grants.
The 19-member country bloc said it would to use the money to support Kenya’s lower middle-income status while addressing inequalities and challenges that persist across the country. Focus areas will be infrastructure, job creation, resilience building accountability and governance.
Mr Rotich, said the money would also help the country in addressing the flooding menace as well as drought management through irrigation.
“The support we have received will help the country in improving its economy. As you know, the country has many infrastructure deficit projects,” he said.
The €4.5 billion includes indicative financial commitments of the EU (€505.4 million), the European Investment Bank (€500.75 million), Denmark (€151 million), France (€1.412 billion) and Finland (€33.7 million).
Policy dialogue
Others will be Germany (€638 million), Italy (€144.4 million), Ireland (€5.5 million), Slovak Republic (€2.5 million), Sweden (€114.8 million), Netherlands (€216.3 million) and the United Kingdom with €554 million.
Austria, Belgium, the Czech Republic, Greece, Hungary, Poland, Portugal, Romania and Spain do not have active co-operation portfolios but will engage with Kenya on other levels such as political and policy dialogue of the EU.
The previous agreement that ran from 2013 to 2017 centred on medium term plan II with attention on areas such as energy and transport, agriculture and rural development. Lake Turkana wind power project also benefited from this fund.
President Kenyatta recently reiterated that his government would not stop borrowing for as long as the debt is towards development agenda and is not wasted through corruption.
“If I don’t borrow, where will the roads come from? It is a must to borrow to ensure that the needs of the people are met but let’s ensure that the money is spent prudently (sic),” he said last week in Kitui.
Kenya’s draft Budget Review and Outlook Paper show that total debt will jump to nearly Sh7.17 trillion in the year ending June 2022, being the year President Uhuru is expected to leave office.
@spear disagrees with you vehemently. He gonna hit a high season soon.
Anyways, let’s borrow and build infrastructure in the whole country. Sisi zote tunalipa thika road, though I don’t know when some of us will use it.
Pray, tell me, guys. Do we have a mad man for a president ama nini mbaya na hii ghasia?
Can’t mps request treasury for full disclosure of this? Lakini wacha ifike mambo ya allowance yao!!
Don’t worry. Rayila may get something small to furnish his office and also Kalonzo may get a small thing now that he has also elected to being the president’s errand boy.
These niggas are playing around with billions as if 1 billion KES ni pesa kidogo ka 100/-. FYI as we speak, more than 67% of Kenyans live on below 100/- per day!
And economy is improving
matako ya punda umenyamba point
everybody that matters in .ke will have something to eat, next ni MDVD, by the time we are getting to the referendum, we will be signing the same song. frequency itakuwa moja. only Miguna Miguna will be shouting in the cold political tundra.
Si mliambiwa loan itakuwa 7 trillion by the end of his term, cjui mnashangaa nini. With the SGR phase 2b $3B na hiyo ya $5B ya juzi, imefika 5.8 trillion na bado.
…due to the Government’s borrowing?
there is need to increase the holding capacity at Wilson Airport.
Mr Rotich did not, however, disclose which proportion of the amount is loans and which one is grants.
Thank you for highlighting this was just about to do it. Why would a Treasury CS not reveal which amounts were loans and grants??? BTW don’t expect mpigs to do anything, shit hole country!
"we have to build roads if I don’t borrow…"criazly roads to do what no industries sgr to the coast boost Chinese and other nations imports into ke otherwise hakuna kitu pesa ya maana inatoka inland kwenda na sgr nje.mtu turkana anakufa njaa anasaidiwaje na sgr tano tena they said na hii watu itaretire wishing them a long life but the truth is ikifika kulipa hawatakuwa wacha tuingize uncle tumhold countable for ensuring hizi loans zimehilipa ndio tumalizanena jubilee ama namna gani??
yea,borrowing,embezzling and borrowing again
talk of wrong priorities and power drunk policy makers not attune to citizens needs
Yaani ata Slovak republic wanatupea loan.
I am humbled
Saa zingine I just hate opening such threads. Sasa nimekuwa na moods mbaya na vile Asubuhi i was full of Vigor.
Hii gover ikwende uko
We the house of mumbi are to blame for woes of this country. I swear I will never vote for my tribesmen. They have shafted this country hadi our coffers bleed.