In a striking revelation to the National Assembly Departmental Committee on Regional Development, Lake Victoria Development Authority’s (LBDA) Managing Director, CPA Wycliffe Ochiaga, unveiled the daunting fiscal challenge the authority faces. The LBDA is grappling with a staggering Sh. 2.5 billion loan taken from Cooperative Bank to construct the monumental Lake Basin Mall in Kisumu City—a financial burden that has ballooned to a hefty Sh. 4.5 billion due to accruing interest and penalties. Initiated on August 7, 2013, the construction of the mall, a landmark project and one of the…
Lake Victoria Authority’s Mega-Mall Dream Turns Into a Ksh 4.5 Billion Financial Nightmare
