Systems all in place for merger of State firms

A framework for the merger of parastatals is being completed.

The Financial Services Council will take over all the regulator’s tasks.

These are currently overseen by the Retirement Benefits Authority, Capital Markets Authority, the Sacco Societies and Regulation Authority, the Retirement Benefits Authority, Insurance Regulatory Authority except Central Bank of Kenya.

“Mergers have been concluded. We will present a report soon,” said co-chair, president’s constitutional affairs adviser Abdikadir Mohamed.

Another agency, The Kenya Development Bank, will take over functions currently carried out by Kenya Industrial Estates, Industrial Development Bank Capital, Industrial and Commercial Development Corporation and the Tourism Finance Corporation.

Agricultural Finance Corporation has been left out following opposition by some members of the implementation committee.

Also completed is the merger of state agencies in tourism with Kenya Investment Corporation expected to take over functions of the Kenya Tourist Board, Brand Kenya, Tourism Promotion Council, Kenya Year Book and the Export Promotion Council.

This aims to remove overlaps, duplication and redundancies trimming the number of State corporations from 262 to 187, as recommended by the task force.

The committee spearheading the reform is on a working retreat at the Kenya Commercial Bank training school in Karen, Nairobi. The group previously met at the Kenya School of Government in Nairobi.

The establishment of a holding company known as Government Investment Corporation is also under discussion.