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“Pesa Iko Wapi?" Uproar As Shs. 6.4 billion Loan Sign By Uhuru's Govt. In January Not Yet ‘Seen'

The State has borrowed Sh 6.4 billion from the Korean government to finance the Bus Rapid Transport (BRT). The long term loan was borrowed from the Korean Export and Import Bank which the Kenyans taxpayers will repay to January 29, 2061.

The Treasury signed the Sh 6,365,150,000 loans at an exchange rate of Sh107.85. The loan, signed on January 29, 2021, is yet to be disbursed to the Kenyan government.

“The loan will attract interested rate of Sh 0.1 percent per annum and a service charge of Sh 0.1 percent per annum on undisbursed loan amount,” Treasury said in disclosures to Parliament. However the reasons why the huge loan was has not been wired to the Central Bank of Kenya remains unknown.

The government plans to launch six BRT corridors in Nairobi to improve a city’s public transport network relative to conventional buses.

Priority corridors are the Jomo Kenyatta International Airport to Likoni, James Gichuru-Rironi and Bomas to Ruiru roads. Other motorways are Ngong Road, Juja, Mama Lucy, T-Mall and Balozi to Imara roads.

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Kenyan Korean Pesa Iko Wapi Treasury

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