The Kenya Broadcasting Corporation is a wholly owned Government parastatal, which was established under the Kenya Broadcasting Corporation Act, No.15 of 1988. The Corporation will be the borrower and the Executing Agency for the Modernisation project.With the full support of the Government, the Kenya Broadcasting Corporation has successfully negotiated for a loan of Japanese Yeu 16,198,000,000 equivalent to Ksh.2,385,965,400 from the Overseas Economic Cooperation Fund of Japan. The loan bears an interest rate of 2.5% per annum, payable semi annually on the Principal disbursed and outstanding. The loan carries 10 year Grace period and 20 years Repayment period.