Laikipia County to float Ksh.1.16 billion infrastructural bond
Laikipia County has dismissed claims in a section of the media that its infrastructure bond has been rejected by the County Assembly.
The county’s executive in charge of finance, Murungi Ndai said the infrastructure bond process is well on course.
According to Ndai, the county assembly leadership met with the county executive early this month and agreed to move the intended infrastructure bond from the first supplementary budget 2020/21 to the budget estimates for the financial year 2021/22.
He said this was agreed upon due to time constraints, as the remaining period to the closure of the financial year was insufficient to complete the transaction.
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The bond financing has since been resubmitted to the cabinet, discussed and approved in readiness to be resubmitted to the county assembly.
The county government also clarified that the bond seeks to raise Ksh.1.16 billion.
In an interview with Metropol TV, Laikipia County Governor, Ndiritu Muriithi said the bond is likely to be issued by August 2021.
“It is a very innovative thing to do, nobody has done it before and we hope to open the door to other counties. We will be in the market just under Ksh.1.2 billion and the timeline we expect is July and are factoring this in our financial plan 2021/222,” said Governor Muriithi.