The African Development Bank raises concerns over delay in financial reporting for project audits for the 400 MW Menengai Phase 1 project in Kenya, saying it might delay development.
Local news from Kenya reported last week some concern on government bureaucracy that might delay development of the Menengai project in the country.
The African Development Bank (AfDB) claims that there were delays in money released for the project while audit reports have not been handed in on time.
Regulations of AfDB require fund beneficiaries to provide project audit reports every six months. There are though challenges in processing disbursed funds in Kenya. Audits from the last fiscal years were not submitted in time and the AfDB is generally concerned.
The African Development Bank is the key financier of the 400 MW Menengai Phase I development scheduled to be commissioned by 2016.
Rules and regulations are crucial in dealing with international development banks such as the AfDB and have to be taken into account at all times.
Source: Business Daily Africa