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Project financing: The Kenyan company Rockey Africa Limited excludes AfDB contracts

23/09/2021
Categories: Companies

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According to the African Development Bank (AfDB), the Kenyan company and its subsidiaries have engaged in fraudulent practices. The financial institution informs that the observation was made in several calls for tenders within the framework of the Support Project for the Improvement of Quality and Relevance in Higher Education, Science and Technology.

The Bad excludes Rockey Africa Limited from its markets because the Kenyan company and its subsidiaries have engaged in fraudulent practices. The exclusions took effect on August 5, 2021 and will last for 24 months, the regional financial institution said in a statement. During the period, Rockey Africa Limited, its subsidiaries and its CEO, Robert Kamau Wachira will not be eligible to participate in projects financed by the African Development Bank Group. The same source indicates that these exclusions may be subject to cross-application by other multilateral development banks, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group. This, under the terms of the Agreement for the Mutual Enforcement of Exclusion Orders.

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