Credit doubles after lift of permit freeze in mining

Loans extended by commercial banks to companies and individuals working in the mining and quarrying sector more than doubled to KSh48 billion in the year to July, following the lifting of the four-year freeze on mining permits.

This was a 106.7 per cent growth from the KSh23.2 billion the industry borrowed in a similar period last year, and a 45 per cent rise from the KSh33 billion in April, when the government lifted the freeze on issuance of new mining permits, data from the Central Bank of Kenya (CBK) shows.