(Bloomberg) -- Kenya plans to revive a state-owned shipping line with the help of the Mediterranean Shipping Co., President Uhuru Kenyatta said.
The Kenya National Shipping Line, which was established in 1987 and stagnated after years of mismanagement, is “expected to once again become an active participant in international seaborne trade, which accounts for a significant percentage of Kenya's total trade,” Kenyatta said Thursday after signing an agreement with MSC's First Vice President Giovanni Cuomo.
The government proposes to give the KNSL, which is owned jointly by the East African state and three foreign shareholders, the sole mandate to handle government cargo, the presidency said in another statement on Tuesday.
To contact the reporter on this story: Helen Nyambura in Nairobi at hnyambura@bloomberg.net
To contact the editors responsible for this story: Paul Richardson at pmrichardson@bloomberg.net, Renee Bonorchis
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