The Government of Kenya has borrowed KSh6.4 billion from the Korean government to finance the Bus Rapid Transport (BRT). The loan from the Korean Export and Import Bank will be serviced by taxpayers until 29th January 2061.
The loan will attract an interest rate of KSh0.1% per anNum and a service charge of KSh0.1% per annum.
The government plans to launch six BRT corridors in Nairobi, seeking to improve the city’s public transport network relative to conventional buses.
Priority corridors are the Jomo Kenyatta International Airport to Likoni, James Gichuru-Rironi and Bomas to Ruiru roads, Ngong Road, Juja, Mama Lucy, T-Mall and Balozi to Imara roads. The corridors are expected to hold up to 950 high-capacity buses reducing travel time and cost by up to 70 percent.