KVDA invited a private party to design, finance, build and operate the dams under a concession contract.
And, as born by the paper trail, the Italian party that won this bid was CMC Ravenna of South Africa.
The very first misleading assertion you will come across on the first page of the loan contract and as you peruse the document is the claim that the borrowing emanates from an international tender by Kerio Valley Development Authority (KVDA) that was won by a joint venture formed out of Kenya by two Italian entities, namely CMC Di Ravenna and Itinera SPA.
The assertion is untrue in two respects. Look through the newspapers and you will find that the tender floated by KVDA was for a PPP project. KVDA invited a private party to design, finance, build and operate the dams under a concession contract.
