The government has started to pursue defaulters over State-backed business loans offered during the past administrations of Jomo Kenyatta, Daniel Arap Moi and Mwai Kibaki, hoping to recover Sh31 billion owed to defunct development finance institutions.
Kenya Development Corporation – the State entity formed through the merger of Industrial and Commercial Development Corporation (ICDC), Tourism Finance Corporation (TFC) and Industrial Development Bank Capital Ltd – has kicked off efforts to recover the bad debts dating as far back as the 1960s.
