Kenya has invited international development lenders to finance a $2 billion expansion of Nairobi’s Jomo Kenyatta International Airport (JKIA), just nine months after cancelling a $1.8 billion agreement with India’s Adani Group.
The deal with Adani was abandoned following the indictment of its founder in the United States.
Under that agreement, the Indian conglomerate would have operated the airport for 30 years before handing it back to the Kenyan government.
Kenya is now courting financiers including China Export-Import Bank, Japan International Cooperation Agency, Germany’s KfW, the European Investment Bank, and the African Development Bank to fund a new terminal and runway refurbishment. Construction could begin before the end of the year.
Also Read:: Kenya Airways Now Seeks Partial Control of JKIA Amidst Adani-Takeover Discussions
To ease pressure on rising public debt and diversify infrastructure funding, Transport Cabinet Secretary Davis Chirchir said Kenya will issue a Ksh.175 billion ($1.36 billion) securitised bond in September to finance road projects.
Proceeds will also repay $530 million in bridge financing already secured from a syndicate including the Eastern and Southern African Trade and Development Bank (TDB), KCB Group, and Absa.
The bond will be split evenly between local currency and US dollar tranches.
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