President William Ruto on Thursday, May 23 secured $3.6 billion (Sh 477 billion) in funding from the US for the construction of the 440-kilometer Nairobi-Mombasa Usahihi Expressway.
The Kenya National Highways Authority (KENHA) signed the Sh477 billion agreement with Everstrong Capital LLC authorizing the full development rights to Everstrong Capital and its partners.
The investment of Sh 477 billion in the project will be led by American Development Finance Institutions and significant investments from Kenyan private sector investors and pension funds.
Speaking after the signing of the agreement between KeNHA and Everstrong, President Ruto said the new 4-6 lane dual carriage would be a safe and efficient climate-sensitive road creating a wealth corridor between Kenya’s two largest cities.
The Usahihi Expressway sets a standard for transparent, sustainable, and community-centered development, fostering economic growth and environmental protection, serving as a global inspiration for ethical development,” said Ruto.
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He added, “It embodies a commitment to transparency, hard work, and the empowerment of Kenyan citizens by engaging them as users, owners, and investors, creating a cycle of localized benefits and ensuring that communities directly reap the rewards of their investment and participation.”
Once completed, the Usahihi expressway would be the largest toll road project in the African continent.
The expressway is expected to be constructed for three to four years and would pay for itself.
“It is structured as a Public Private Partnership with revenue coming from road users. Usahihi will organize finance, construction, tolling, operation, and maintenance of the expressway under a 30-year concession with construction lasting 3-4 years,” a press release announcing the deal stated.
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