Sessional Paper No. 02 of 2002 on Revival of Kenya Meat Commission

Abstract

This sessional paper focuses on the measures taken to revive the Kenya Meat Commission. The Kenya Meat Commission (KMC) is currently under receivership and heavily indebted to the Government and a number of institutions including the Mitsubishi Corporation (UK) PLC. The initial amount of the loan was US$ .3 3 million and was borrowed by the Commission without a Government guarantee. The loan was Jent to the Commission at an interest rate of LIBOR plus 2% and was repayable in 60 monthly instalments commencing March 1997. Neither the principal instalments nor interest payments have been made to date. In a meeting held in March 2002 the Cabinet discussed measures relating to the revival of Kenya Meat Commission and approved assumption of the Mitsubishi loan and write off of the amount from the Kenya Meat Commission books...