President Ruto has given clarity on the privatization of Kenyatta International Conference Center (KICC), saying his administration aims at commercializing the building not selling it.
Speaking during an interview with the press on Sunday, the Head of State said KICC deserves to be treated more than just a place where people go to take photos. He added that mismanagement is one of the reasons why the building is not giving returns on the investment the government has put into it.
“KICC today is valued at Sh30 billion, but we got Sh30 million the last financial year… It is mismanaged; instead of having KICC as an office block for people who don’t pay rent, why don’t we transform it into an international conference center to bring Sh300 billion a year?” Ruto said.
The president also said that his administration plans on closing Postbank because it is making losses. “Every morning when we open Postbank, we lose Sh3million. In the last 5 years, the government has lost Sh5 billion because nobody wants to make a decision about Postbank,” he added.
Additionally, the President said that even the Bomas of Kenya will have to be handed over to a strategic investor to ensure there is a return on investment from the facility. The government will also build hotels in Bomas, Kenya, to support tourism.
The High Court recently suspended the commercialization of 11 state agencies, including the KICC, following a petition filed by Orange Democratic Movement (ODM) leader Raila Odinga. This decision comes amid concerns about national security and the sovereignty of the Kenyan people.
“A conservatory order is hereby issued suspending the implementation of Section 21(1) of the Privatization Act 2023 or any decisions made pursuant to that section until February 6, 2024,” reads the order granted by the judge.
President Ruto expressed confidence that, in the end, Kenyans will appreciate the measures he has taken to put the country on the right path. That will include giving him another chance to lead in 2027.
“They want us to continue the same thing—to lie to the people. I meant everything that I wrote in my manifesto, and I have every reason to implement it because I know the people of Kenya will finally know that I did the right thing and they will reward me accordingly,” he said.
