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The World Bank will spend US$77 million (Sh6 billion) to prepare Kenya and Uganda's railways corporations for a privatisation programme scheduled to begin next year.
In a wide-ranging pledge to the East Africa Community, the bank said it plans to spend US$28 million (Sh2.2 billion) on staff layoffs at the Kenya Railways Corporation and the Uganda Railways Corporation. According to the project, to be approved by the bank's board in July next year, the institution will finance technical assistance and cross-border railway improvement to the tune of $6 million. Kenya Railways and Uganda Railways will then be handed over to private operators on a concession basis.
Source: The Standard
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