UNIVERSITY OF NAIROBI

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UoN hosts Eurobond public debate

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The University of Nairobi (UoN) in partnership with the Mkenya Daima Campaign that is spearheaded by the Kenya Private Sector Alliance (KEPSA) hosted a public debate on the Eurobond.

The debate sought to clarify concerns on what Eurobond is, the issues that have risen and the possible solutions.

Panelists were tasked to each give their views on Eurobond and later responded to questions from the audience. The discussions revolved around whether Eurobond was the right financial arrangement for Kenya, the process that was used and the controversies in the accounting for the money. Also discussed during the debate was the amount of money that was raised, the amount brought into the country and how it was spent. 

The panelists consisting of Kwame Owino, Institute of Economic Affairs, Banker, John Ngumi, Dr. Kamau Thuge, Principal Secretary, Treasury and Sheila Mbijiiwe, Central Bank of Kenya Deputy Governor gave insights on the issue. The discussions were moderated by Polycarp Igathe, KEPSA and Prof. Karuti Kanyinga, UoN.

In his opening remarks, the Vice-Chancellor, Prof. Peter Mbithi, said that the University has partnered with key institutions in hosting because UoN is on a mission to embody the aspirations of the Kenyan people through creation and transmission of sound knowledge.

“We host these debates in the belief that scientific knowledge is a critical pillar for sustainable development,” said Prof. Mbithi. “We are providing a space for a decent, credible, and objective debate on Kenya’s Eurobond. The aim of this debate is to clarify the issues and answers because in the last few months, there has been unending public discussions on the issuance of the Eurobond.”

Permanent Secretary  for National Treasury, Kamau Thuge noted that due to the Eurobond, the economy grew by 5.4% in quarter one, 5.6% in quarter two and 5.8% in quarter three after infrastructure projects had been financed. 

The business community led by Chris Kirubi, a prominent businessman and Vimal Shah, CEO, Bidco Oil Company noted that Eurobond has attracted bad publicity and is now affecting the business environment and Kenya’s credit worthiness.  They urged the government to increase their communication channels to explain Eurobond to the public, so that the noise could subside.

In the closing remarks, Vimal Shah, urged Kenyans to unite and build Kenya as one under the Daima Kenya umbrella. “Kenya is ours. We need peace in this country to invest and to create jobs,“ he said.

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