Kenya seeks interest from foreign financiers for PPP projects
The government is seeking interest from foreign financiers for the Mombasa-Nairobi highway expansion PPP project and for the Nairobi - Nakuru road PPP project.
The transaction advisors (TA) have already been appointed for both projects. They will carry out feasibility studies, prepare tendering documents and support the government during the tender process. Intercontinental Consultants and Technocrats (ICT) Ltd of India is TA for the Nairobi-Nakuru highway, while PricewaterhouseCoopers (PwC) will handle the Mombasa-Nairobi highway.
PwC advisory partner Kuria Muchiru stated:
"The appetite to invest in Kenya is there through financing such projects. You may not get the local financial system to fund the level of investment we are talking about here, given our financial system which may not be able to put aside such money for projects with a 30-year lifespan.""It is a young financial system which needs to deepen in terms of long-term financing. We will be looking to interest foreign lenders to these projects."
The total investment for both projects is estimated at US$1.3 billion.
The Mombasa-Nairobi highway (A109) project involves the expansion of the road into a dual carriageway and the operation of the highway. The A109 road is the main road link between the Kenyan cities of Nairobi and Mombasa. The 470 km highway is a key link to the Mombasa port which is the main gateway to East Africa.
The Nairobi - Nakuru Road (A104) project involves the dualization and operation of the 157 km road which forms part of the Trans-African Highway (Northern Corridor).
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