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Lake Basin Mall racks up Sh3.5 billion debt

Lake Basin Development Authority chairman Odoyo Owidi with other board members at a past media briefing. [Denish Ochieng, Standard]

The loan taken by the Lake Basin Development Authority (LBDA) for its mall project in Kisumu has so far risen to Sh3.5 billion due to accrued interest.

While the principal loan taken from the Co-operative Bank for additional works was Sh2.5 billion, the authority said yesterday, failure to repay the debt on time has attracted penalties.

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