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IFC Commits Sh39 Billion For Nairobi-Nakuru Toll highway – Eagle News Feed

The International Finance Corporation (IFC)

The International Finance Corporation (IFC)

The International Finance Corporation (IFC) has committed Sh39 billion ($320 million) in financing for the proposed Nairobi-Nakuru Highway.

The World Bank’s private sector financing arm is set to approve the disbursement of the funds within the 2023/24 financing year, unlocking more financing for the Public-Private Partnership (PPP) initiated project.

The project, which is also known as the Nairobi-Nakuru-Mau Summit Highway, is set to be among the first road projects in Kenya developed under the PPP framework.

The World Bank Group has listed the project as one of the key deliverables, underpinning its engagement with the country under the Country Partnership Framework for Kenya (CPF).

The framework will also see the IFC scale up its investments in the country as part of the wider World Bank Group support for fiscal and debt sustainability.

The project involves the dualling of a portion of the A8 Highway between Rironi and Mau Summit into a four-lane dual carriage including operation and maintenance.

The project will also cover the strengthening of the A8-South Highway between Rironi and Naivasha.

Rift Valley Highway Limited (RVHL), a consortium led by Vinci Highways and Meridian, are the project’s operator.

The firm has already signed a design, build, finance, operate, maintain and transfer contract with the Kenya National Highways Authority (KeNHA).

Kenyans will be expected to pay road tolls over an estimated period of 30 years in a bid to help the project’s operator and financiers recover their investment.

Earlier this year, the African Development Bank (AfDB) approved the financing of SG 18.4 billion ($150 million) to Kenya to support the financing of the toll Highway.

Summary

➡The World Bank private sector financing arm is set to approve the disbursement of the funds within the 2023/24 financing year unlocking more financing for the PPP-initiated project.

➡The project involves the dualling of a portion of the A8 Highway between Rironi and Mau Summit into a four-lane dual carriage including operation and maintenance.

➡The project will also cover the strengthening of the A8-South Highway between Rironi and Naivasha.

Jay Ndungu

Jay is a computer scientist and journalist with a passion for the intersection of technology and society. He has a background in computer science, developing a deep understanding of the technical aspects of the industry, including programming languages and software development methodologies. Currently, He writes for Nairobi Times, covering a wide range of topics including technology, politics, sports, and entertainment. With his unique combination of technical knowledge and journalistic experience, Jay brings a unique perspective to the stories he covers, able to explain complex technical concepts in an easy-to-understand manner. His work is dedicated to bridge the gap between technology and society, and to make people more aware of the potential of technology to make the world a better place.

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