Sessional Paper No. 05 of 1990 on Government Guarantee of a Loan of SDR 577,503 Equivalent to Ksh. 17,556,091 From East African Development Bank to Nzoia Sugar Company Limited

Abstract

The Nzoia Sugar Company Limited has secured a supplementary loan of SDR 577,503 equivalent to Ksh.17,556,091 from the East African Development Bank in respect of project variation costs occasioned by the delay in the implementation of the Rehabilitation and Expansion of the programme by 16 months. The Nzoia Sugar Company Limited has interalia encountered a short fall in the funds for the execution of the project for which the loan was advanced. The company has requested the East African Development Bank for additional assistance in terms of a further loan to finance the deficit.