The World Bank through its financing arm International Finance Corporation has joined the battle to fund the construction of the Sh. 180 billion Nairobi – Mau Summit expressway.
Through the IFC, the World Bank now becomes the latest entry to make an expression of interest in the project. Following this expression, the IFC has published the project’s environmental and social impact assessment (ESIA) documents for public review before it commits to funding the road.
“The purpose of this early disclosure is to enhance the transparency of IFC’s activities with reference to those projects or investments with potential significant adverse environmental and social risks and/or impacts. The disclosure of this ESIA should not be construed as presuming the outcome of IFC’s review of the potential investment or the decision of its board of directors,”
IFC said.
This comes barely days after the African Development Bank (AfDB) also expressed interest in funding the mega project.
“We are looking to be part of the financing group for the Nairobi-Nakuru road project. We are looking to (fund the project) as a financing syndicate. These projects are too large for any one of us. Even for prudent financial means, we don’t do 100 percent of financing a project,”
Solomon Quaynor, AfDB’s vice-president for the private sector, infrastructure and industrialization complex recently told the media.
The expressway, when complete, will be operated on a toll basis. Users of the Mau Summit expressway will pay Sh. 6 per kilometre. This will translate to Sh. 1,398 for the entire Rironi-Nakuru-Mau Summit superhighway.
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”The road shortens the journey by one hour but those who will not want to pay to ply the road will have to use other alternative routes though they will have to travel for three more hours,”
Transport Cabinet Secretary James Macharia said.
“It will improve connectivity between Central and Eastern Kenya and the Rift Valley and Western Kenya regions, and will reduce congestion on the Northern Corridor.”
This will be the second road to be operated on a toll basis. Kenyans will also have to pay to use the 27.1-kilometre Nairobi expressway which is being done by the China Road and Bridge Corporation (CRBC). The road will link the Jomo Kenyatta International Airport (JKIA) to Nairobi-Nakuru highway.
