The government will own all Sh100 billion shares in a proposed State bank that will emerge from the amalgamation of three financial institutions. This was revealed in regulations published by the Treasury for the Kenya Development Bank (KDB), five years after President Uhuru Kenyatta received the report from the Presidential Task Force on Parastatal Reforms. With the new Kenya Development Bank Bill, 2020, the merger of the Industrial and Commercial Development Corporation (ICDC), IDB Capital and Tourism Finance Corporation is now close to fruition. Agencies that were collapsed under AFA were the Coffee Board of Kenya, Kenya Sugar Board, Tea Board of Kenya, Coconut Development Authority and Cotton Development Authority. Also put under the authority were Sisal Board of Kenya, Pyrethrum Board of Kenya, and Horticultural Crops Development Authority.

Source: Standard Digital May 29, 2020 17:36 UTC