The report revealed Kenya waived its immunity in the event of a legal dispute linked to default of servicing the loan. “KPA assets are exposed to the risk of takeover by the lender since the authority signed the payment arrangement agreement,” the audit reads. However, Yatani said the government through the National treasury was servicing the SGR loan in accordance with the provisions of the loan agreements and the public Finance Management Act. Yatani said loans for SGR project are not paid and cannot be paid through any other fund or by any other entity without the approval of parliament. The CS maintained that the port is a strategic asset financed by government with support from multilateral and bilateral development partners.

Source: The Star March 15, 2021 10:30 UTC