A microfinance institution has been ordered to refund Sh150 million to the Youth Enterprise Development Fund after the High Court found it had breached the terms of a credit guarantee deal by failing to secure a commitment by a commercial bank to cover losses if the loan terms are not met.
The court directed Indo Africa Ltd to repay the Sh150 million plus interest at six percent per year above the prevailing Central Bank of Kenya indicative lending rate from May 14, 2014 until payment in full.
