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Shocking Details of Kenya’s $168 billion Plundered Development Loans Revealed

Business
  • Kenya’s $168Bn plundered development loans were taken over 11 year period between 2010 and 2021
  • In one instance, the OAG raised an issue with the missing drawdowns for three loans from BELFIUS Bank and Unicredit totaling €29,510,462 (Sh4.1billion).
  • The audit examined how 39 commercial loans valued at $168billiom (Sh1.36 trillion) during the time were used, and whether they were borrowed legally.

The Office of the Auditor General has opened a can of worms on the possible diversion of loans and plunder of funds disbursed to Kenya for development over the past 10 years.

A Special Audit by Auditor General Nancy Gathungu, on loans Kenya took between 2010 & 2021 shows that the country received $ 167.7 billion (Sh1.13 trillion) in the consolidated funds accounts however, the accountability of the funds is in question.

The revelations come at a time when President William Ruto has already gazetted the Presidential Taskforce on …