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K1BN RELEASED FOR LOCAL CONTRACTORS

By KETRA KALUNGA

GOVERNMENT has released K1 billion COVID-19 stimulus package for local contractors.

National Road Fund Agency (NRFA) public relations manager, Alphonsius Hamachila said the funds were disbursed to local contractors to cushion the impact of COVID-19 on their businesses.

Mr Hamachila told the Daily Nation in an interview that K1 billion out of the K4 billion stimulus COVID-19 package for local contractors has so far been released.

He explained that the money was being released in phases to contractors working on selected economic roads across the country.

Mr. Hamachila said the government had during the third quarter of last year released a tranche of K500 million to the NRFA.

He said additional K500 million was recently released to make it K1 billion.

“About K1 billion has so far been released out of the K4 billion   and is being released in phases”, he said.

Mr. Hamachila said the purpose of the COVID-19 fund was to stimulate local businesses through small scale and medium road contractors to mitigate the economic impact of the COVID-19.

The money being released through the NRFA is part of the K4 billion allocated to finance road projects in the country.

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