The National Treasury has increased its pace towards the privatization of 10 state corporations as had been announced by President William Ruto in late 2022.

Among the state entities set to be sold include Kenya Ports Authority, Kenya Pipeline Company, Kenya Meat Commission, Development Bank of Kenya and Consolidated Bank.

Treasury CS Njuguna Ndung'u is set to present a cabinet paper for approval paving way for the sale of 10 of the eyed 25 state corporations through divestiture, leasing and concession.

Similarly, the state intends to lease to private interests Muhoroni, Sony, Chemilil, Miwani and Nzoia sugar companies alongside a number of hotels in which the State enjoys stakes.

The President Ruto administration also plans to reduce its shareholding in KenGen, East Africa Portland Cement and the National Bank of Kenya.

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This comes two days after the Head of State signed into law the Privatization Bill 2023 during his development tour of Nyanza region to fast track the delayed privatization bid.

The Treasury CS is expected to gazette a board of nine members to the newly established Privatization Authority to be chaired by a person appointed by the President, CS or PS.

This also comes amid rejection by opposition Azimio leaders to the implementation of the Privatization Act 2023 raising issue with the plans terming them ploys for state capture.