The World Bank’s private financing arm, the International Finance Corporation (IFC) has committed KES 39 billion towards construction of the proposed KES 160 billion toll highway from Nairobi to Mau Summit.
Construction is expected to begin in the 2023-2024 financial year.
IFC 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 country under the Country Partnership Framework for Kenya (CPF).
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 A8-South Highway between Rironi and Naivasha.
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 KES 18.4 billion to Kenya to support the financing of the toll Highway.