Sessional Paper No. 05 of 1997 on Kenya Government Guarantee of a Loan of Japanese Yen 8,724,000,000 Equivalent to Kshs.4,591,580,000 from Japan to Kenya Posts and Telecommunications Corporation for Telecommunication Projects

Abstract

With the full support of the Government, the Kenya Posts and Tele-communications Corporation has successfully negotiated for a loan of Japanese Yen 8,724,000,000 equivalent to Kshs.4,591,580,000 from the Government of Japan. The loan bears an interest rate of 2.3% per annum and carries 10 years grace period and 20 years repayment period. The proceeds of the loan shall be used to modernize and expand telecommunications network in Nairobi and Mombasa and thereby accelerate commercial and industrial activity