Uhuru announces KES 52 Billion sugar bailout
02 October 2015, 18:55
Nairobi - President Uhuru Kenyatta has announced that the government will bailout the Kenyan sugar industry with KES 52 Billion.
The President stated that the bailout would be sent out to the Sugar Development Levy fund to help pay sugar debts owed to millers.
Of the amount, KES 39.7 billion will be used to write off debt.
" The commitment shows clearly that the government is serious about ensuring the local sugar industry thrives," he stated during his visit to the Nairobi Show-grounds Friday.
KES 5 billion will be used to improve farming infrastructure, with 1.5 billion to go to farmers for credit.
The move comes in the midst of controversy about a sugar deal signed between Kenya and Uganda.
It will also cause uproar among teachers who have yet to be paid a KES 17 billion increase in their pay.
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