Kenya: Anyang’ Nyong’o, governor from Kisimo and Okoth Obado, governor from Migori have welcomed the government’s decision to write off Sh62 billion debts.
The sugar mills were facing problems to attract the investors to the sugar sector due to heavy debts. Many mills were on the verge of closing down and people losing jobs due to mounting debts.
“Government clearly indicates that the sugar sector is the centre of the country’s economy,” said Nyong’o. Debts were waved off after State realised that recovering them will affect the financial situation of the sugar mills. Now the mills can find investors, lease their units and increase sugar production.
The decision was taken after leaders from Western Kenya met President Uhuru Kenyatta and requested him to revive the region’s economy.
According to the media report, the five factories that were tipped for privatisation but will now be leased are Chemelil, Miwani, Muhoroni, Nzoia Sugar and South Nyanza Sugar (SonySugar). Of these Miwani and Muhoroni are already under receivership.
To Listen to this News click on the play button.
