Business highlights – April 30, 2018

Business highlights – April 30, 2018

Kenya’s MGT to receive Ksh4.8 billion from International Finance Corporation 

Mombasa Gas Terminal Limited (MGT) is set to receive Ksh4.8 billion from the International Finance Corporation (IFC) to construct a liquefied petroleum gas (LPG) terminal in the port of Mombasa. The aim of the project is to address issues of LPG supply and infrastructure in the Port of Mombasa to support the LPG master plan for Kenya.

School laptops budget cut by Ksh500 million

Ksh500 million that was meant to cater for the government’s school laptop project has been reallocated as Parliament moves to slash it for the second time this financial year. The reorganised expenditure plans tabled in Parliament last week indicate that the amount deducted from the digital literacy programme will be redirected to the development of Konza project.

Millitary gets Ksh9 billion for weapons acquisition

Kenya’s military has been added Ksh9 billion for weapons acquisition, positioning the Kenyan army for a bullish entry into the global arms market following a lull that saw Uganda overtake it in arsenal spending last year. Treasury Cabinet Secretary Henry Rotich made the top-ups through a mini-budget that is awaiting Parliament approval.

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