The African Development Bank (AfDB) is set to lend Ksh 17.5 billion towards the construction of the Nairobi-Nakuru highway, making it one of the ten financiers lining up to fund the project.
AfDB director-general for East Africa Nnenna Nwabufo said the lender would meet its board in July to seek approval for the Sh17.5 billion loan for the toll road project.
“We are finalising our funding plans for our board to consider. We are looking at $150 million,” AfDB director-general for East Africa Nnenna Nwabufo as quoted by a local newspaper.
The funding represents about 10 per cent of the Sh180 billion required for the upgrade of the project.
The signing of contracts and subsequent funding will pave the way for the start of the 233-km road project, which will see the highway expanded to a four-lane dual carriageway, raising hope of reducing traffic congestion on the Northern Corridor.
The Kenya National Highways Authority picked the Rift Valley Connect consortium, comprising Vinci Highways SAS, Meridian Infrastructure Africa Fund and Vinci Concessions SAS as the preferred bidder for the project.
The toll highway from Nairobi to Mau Summit was expected to begin in September 2021, Transport Cabinet secretary James Macharia had said earlier
The loan will be given to a consortium led by French infrastructure firm Vinci, which secured a 30-year concession contract in 2019 to build and operate the Nairobi-Nakuru highway.
Read also; Kenya to Receive $170 Million AfDB Loan for Budgetary Support.
