Addis Ababa, February 15, 2024(Afronews) Kenya’s Cabinet on Wednesday approved the sale of seven more State-owned enterprises following a meeting chaired by President William Ruto at State House in Nairobi, bringing the total number of entities set to be privatized to 17.
The seven enterprises include the privatization of the Development Bank of Kenya.
“The decision (on Development Bank) by our nation’s apex policy-making organ was informed by the fact the Bank had fully transitioned into a fully-fledged depositing-taking commercial bank regulated by the Central Bank of Kenya (CBK),” a cabinet dispatch said.
Golf Hotel Limited, Sunset Hotel Limited, Mt Elgon Lodge Limited, and Kabarnet Hotel Limited are others earmarked for privatization. Hotels under the Kenya Safari Lodges and Hotels Limited Mombasa Beach Hotel, Ngulia Safari Lodge, and Voi Safari Lodge–will also be sold.
According to the cabinet, the move is expected to stimulate the expansion of the country’s hospitality industry and grow the individual units through private sector investment, TheEastAfrican reported.