Government to sell Kenya Pipeline, KICC and 9 other state firms
By Dennis Tarus |
Last month, President William Ruto signed a revised privatisation bill into law that makes it easier to sell state enterprises to private companies.
The National Treasury has unveiled a list of 11 state companies set to be privatised under the 2023 Privatisation Programme in accordance with the Privatisation Act 2023.
Last month, President William Ruto signed a revised privatisation bill into law that makes it easier to sell state enterprises to private companies.
Keep reading
- Treasury on the spot for delaying e-Procurement system, Ruto orders rollout by 2025
- National Treasury under fire over Sh2.3 billion tax exemption scandal
- Treasury to cover costs of state-owned firms’ Sh266 billion loan defaults
- Governor Abdulswamad urges Treasury to release funds, dismisses claims of returned cash
“We have otherwise very lucrative companies but they are trapped in government bureaucracy when the services they are offering can actually be better offered by the private sector,” Ruto said.
The revised law aims to push up the private sector's participation in the economy, the presidency said at the time of the signing.
"The Treasury invites members of the public to submit written comments and/or input/memoranda on the 2023 Privatisation Programme, in the prescribed format and send them electronically to [email protected] or through post or hand-delivered to the following address on or before of close of business on Monday 11th December 2023," Treasury Cabinet Secretary Njuguna Ndung'u said in a public notice sent out on Monday.
The 11 state companies include;
- Kenya Literature Bureau
- National Oil Corporation of Kenya
- Kenya Seed Company Limited
- Kenyatta International Convention Centre
- Mwea Rice Mills Ltd
- Western Kenya Rice Mills Ltd
- Kenya Pipeline Company Limited
- New Kenya Cooperative Creameries Limited
- Numerical Machining Complex Limited
- Vehicle Manufacturers Limited
- Rivatex East Africa Limited
The International Monetary Fund (IMF ), which this month approved a Sh142.7bn loan to Kenya, urged Ruto's government to reform public sector firms.
Days after the IMF approval, the World Bank announced extending an additional Sh912 billion in support to Kenya over the next three years pushing its total commitment to Sh1.82 trillion.
Through the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), the multilateral lender expects to provide a total of Sh684 billion from 2024 through 2026 as part of its commitment to support Kenya’s ambition to become an upper-middle-income country by 2030.
Reader comments
Follow Us and Stay Connected!
We'd love for you to join our community and stay updated with our latest stories and updates. Follow us on our social media channels and be part of the conversation!
Let's stay connected and keep the dialogue going!
Latest News For You
