The Treasury has granted the East African Portland Cement Company (EAPC) a four-year moratorium on the repayment of a Sh1.94 billion loan the cement maker borrowed 36 years ago, revealing the firm’s financial difficulties.
EAPC borrowed Japanese yen (JPY) 7.67 billion from the Overseas Economic Cooperation Fund (JICA) in March 1990 but defaulted in 2016 after making partial payments, forcing the government to step in and clear the loan on its behalf. The government cleared the company’s loan with JICA in March 2020.
