A State agency has defaulted on a Chinese loan despite an idle Sh2.8 billion sitting in its bank account at KCB Group, exposing taxpayers to hefty penalties and a credit rating downgrade.
The Auditor-General has revealed that the Rural Electrification and Renewable Energy Corporation (Rerec) has been deducted a paltry Sh1,179 from the account created to settle a Sh13.6 billion loan advanced by the Exim Bank of China.
