William Ruto, the president of Kenya and his cabinet has approved the privatization of key government businesses. The most prominent is the privatization of the country’s development bank, the Development Bank of Kenya (DBK). Other state-owned enterprises to be privatized include Kenya Safari Lodges and Hotels Ltd, which include properties such as Mombasa Beach Hotel, Nguilia Safari Lodge, and Voi Safari Lodge. The Kenya government has been trying to restructure its finances since it got an International Monetary Fund assistance. The government is currently seeking to approach the Eurobond for US $2 billion in the second quarter of this year. The government says the sale of the State-Owned Enterprises (SOEs) will boost the country’s foreign exchange reserves and that it will stimulate the expansion of the hospitality industries in line with the government’s visa free for Africa nationals policy.
