The Cabinet has given its approval for the sale of five government-owned hotels and one bank to private investors.
In an announcement made on Wednesday, February 14, the Cabinet highlighted that the proposed plan to privatize the Development Bank of Kenya (DBK) aims to unleash its full potential.
“As part of the Administration’s strategy to revitalize our State Corporations and other State Owned Enterprises by unlocking their capabilities and ensuring the best outcomes for the public, Cabinet has reviewed and endorsed the proposed privatization of the Development Bank of Kenya (DBK),” stated the announcement.
The Cabinet emphasized that the decision to privatize DBK was influenced by the bank’s complete transition into a fully operational deposit-taking commercial bank under the regulation of the Central Bank of Kenya (CBK).
Additionally, the Cabinet approved the privatization of the Kenya Safari Lodges and Hotels Limited, which includes renowned establishments such as Mombasa Beach Hotel, Ngulia Safari Lodge, and Voi Safari Lodge.
Other hotels slated for sale include Golf Hotel Limited, Sunset Hotel Limited, Mt. Elgon Lodge Limited, and Kabarnet Hotel Limited.
