[Photo File:Road Construction Equipment]
A plan by Uasin Gishu County Government to take a Kshs.500 Million loan from Kenya Commercial Bank(KCB) has been approved by Treasury.
The loan by the County Government will be used to purchase road construction equipment.
The approval of the loan which had earlier been termed illegal by Finance Secretary Henry Rotich came after a meeting between the Finance Boss, Uasin Gishu County Governor Jackson Mandago, County Assembly Majority Leader Josphat Lowoi and other County Leaders.
The move to borrow the Kenya Commercial Bank(KCB) loan had already been approved by the county assembly. Majority Leader Josphat Lowoi said they had talked to the Cabinet Secretary about the loan and he agreed that they could go ahead and borrow the Loan. About Kshs.140 Million interest will accrue on the Kshs.500 Million, as the money will attract an annual interest of 7.8 per cent for three years.