Sessional Paper No. 09 of 1990 on Government Guarantee of a Loan to ICDC from INDOSUEZ Bank N.V

Abstract

In accordance with the provision of the guarantee (Loans) Act (Cap 461) the following information is laid before the National Assembly for consideration and approval. The Industrial and Commercial Development Corporation (ICDC) is wholly owned by the Government of Kenya. The Corporation was initially-started in 1954 when it was formally known as the Industrial Development Corporation (IDO) whose primary responsibility was to promote-industrialization in Kenya. Soon after independence (1965) the Corporation underwent structural reorganization and its mandate expanded to engulf the aspiration of Wananchi" in the Independent Country. Its name was changed to Industrial and Commercial development Corporation (ICDC) thus acquiring the added responsibility of developing commercial enterprises as well. The promotion of Commercial and Industrial activities of the Corporation are spelled out in Chapter 455 of the Laws of_ Kenya…