The Cabinet has approved the sale of five government hotels and one bank to private investors.
In a dispatch on Wednesday, February 14, the Cabinet said the proposed plan to privatise the Development Bank of Kenya (DBK) is a move to unlock its full potential.
“As part of the Administration’s plan to steer the turnaround of our State Corporations and other State Owned Enterprises by unlocking their potential and securing the best value for the public, Cabinet considered and approved the proposed privatization of the Development Bank of Kenya (DBK),” read the dispatch in part.
The Cabinet noted that the decision to privatise DBK was informed by the fact the Bank had fully transitioned into a fully-fledged depositing-taking commercial bank regulated by the Central Bank of Kenya (CBK).
The Cabinet also approved the privatisation of the Kenya Safari Lodges and Hotels Limited which incorporates Mombasa Beach Hotel, Ngulia Safari Lodge, and Voi Safari Lodge.
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Other hotels that will be sold include; Golf Hotel Limited, Sunset Hotel Limited, Mt. Elgon Lodge Limited, and Kabarnet Hotel Limited.
At the same time, the Cabinet sanctioned the digitization of the entire education system from basic education to tertiary and university levels to keep in line with the Kenya Kwanza administration’s digital transformation agenda.
“This intervention aims to address the governance challenges within our education system that has led to parallel accounts, charging of unauthorized school fees, diversion of the exchequer releases on capitation and other fraudulent activities that undermine the integrity of the education system, leading to the enrollment of ghost students,” The Cabinet stated.
The apex policy-making organ also considered and approved the proposed amendments to the Public Finance Management Act which will require county budget estimates, county finance bills, and other bills necessary for implementing county budgets be considered and approved at the same time.
During the meeting, the cabinet ratified the implementation of the Financing Locally Led Climate Action Programme (FLLoCA) and approved the Kenya Agricultural Business Development Project (KABDP).
Further, the Cabinet approved the implementation of the Nairobi Intelligent Transport System (ITS) Establishment and Junction Improvement Project to address traffic congestion in the capital city and align with international best practices in city management.
“This seminal project is expected to revolutionize traffic management in Kenya, eliminating human interfaces in traffic control, and streamlining the payment of penalties for traffic offenses,” the Cabinet added.
