Uasin Gishu: Treasury Approves Kshs.500 Million Bank Loan

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[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.

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2 thoughts on “Uasin Gishu: Treasury Approves Kshs.500 Million Bank Loan

  1. This is not right time for our county to borrow loans, we are told 710million development funds from treasury has not been utilised, why are they in rush to borrow loans when they have not utilise already existing funds.
    The interest that will accrue is very high, i am trying to figure out what 140 Million can do, divide it by six consituencies, it amount to 24m , that can be used to built 48 standard classrooms in every constituency.
    our county government is not serious.

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