US Agency Reveals Kenya Took Secret Sh139 Billion COVID-19 Loan
The government of Kenya allegedly signed a secret COVID-19 loan of Sh139 billion (€1.06 billion) with Canadian and Belarusian companies in 2020.
This was revealed by the United States Securities and Exchange Commission (SEC), which indicated that the funds were meant for the construction of mobile clinics and the upgrading of county hospitals in readiness for the COVID-19 pandemic.
Reports indicate that the National Treasury inked the loan deal with the two companies in June last year amid a spike in COVID-19 infections in the country.
Techno Investment Module (TIM), a Belarusian-based company funded a project named Kallo Integrated Delivery System (KIDS), whose details remain unknown to the Kenyan public. KIDS provides comprehensive medical care through mobile and fixed clinics supported by a global telehealth system, Canadian company Kallo Inc says on its website.
"On June 26th, 2020, the company finalized contracts with the Republic of Kenya and Techno Investment Module for a project contract and a finance project," SEC says in filings dated March 3rd, 2021.
"Under the terms of the agreement Kenya is seeking to borrow 1,068,932,543 euros from TIM and the funds are to be used primarily to build phase one of a planned National Healthcare Infrastructure in the Republic of Kenya to be undertaken by Kallo Inc."
The loan is a 20-year facility charged at an interest rate of two percent plus LIBOR (London Interbank Offered Rate), which is charged at negative 0.4 percent.
TIM, which was to pay the loan directly to Kallo Inc once Kenya issued a guarantee, granted Kenya a three-year grace period after which it will start making quarterly repayments from 2023.
Comments (9)
Scandal after scandal parte after parte for Jubilee and handshake.
I read only the Heading, and would tell this is just one of those and others to come known as last minute grubs on the way out. Before pass the ball to the next Thief. Do you wanna take a bet - of course will be the Hustle - the Doctorate Thief.
Believe me or not Uhuruto does exists - what's going on is merely politics to blind fold wananchi and in particular to Opposition.
Kazi kwako Simon Muchiri.Mutahi(Drawer) Kagwi(Arrow) is still drawing billions to Uhuru & Co.gangsters.RISASI TU.
Not surprised.
The kenya government is a criminal organization.
REVOLUTION Kenyans REVOLUTION.
Time to get this HYENAS out.
Check it out here...
https://sec.report/Document/0001520138-20-000367/
@Mutongoria this is real Troon work. I've always wondered how those documents look like....now I have a rough idea.
This is ridiculous and shameful on the part of the Kenyan government. Anything done in the dark will always come to light and is always questionable. Has anyone seen these mobile clinics and which government hospitals have been upgraded?
So one we have moved from Chinese loans to Canadian loans.
It’s one thing if the money was used on what it was intended for. People are dying in Kenya and corruption to its core is still on.. it’s like stealing from the death. What a pathetic situation . Kenyan people when will we ever wake up and stop supporting corrupt leaders