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.
Please leave a comment
Content created and supplied by: MajorEvans (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More