Kenya is set to receive Ksh.17.5 billion from the African Development Bank (AfDB) for the upgrade of the Nairobi Nakuru Highway.
The funding is a fraction of Ksh.180 billion the county has quoted for the upgrade of the mega project which will be undertaken by a French infrastructure firm Vinci.
AfDB Director-General for East Africa Nnenna Nwabufo said the lender would meet its board in July to seek approval for the funding.
“We are finalising our funding plans for our board to consider. We are looking at $150 million,” said Nwabufo as reported by Business Daily.
The 232.2 kilometers Highway which will attract a toll fee upon completion, will ease the cost of doing business between the two towns in the form of a four-lane dual carriageway.
It involves dualling, into a four-lane dual carriageway, of a portion (175 km) of 4 sections of A8 Highway between Rironi and Mau Summit, including operation and maintenance and strengthening of 2 sections of A8 South Highway between Rironi and Naivasha (57.2 km), including operation and maintenance.
According to AfDB, Vinci will operate the Highway for a 30-year period and then hand it over to the Kenyan government.
The Project is expected to generate 1,500 jobs during construction and 200 jobs during operation, all primarily local.