Kenya is reviving a $1.2 billion expansion of Nairobi’s main airport, months after abandoning a controversial Adani-linked deal that had triggered public anger, legal scrutiny and political pressure.
The government has appointed the Africa Finance Corporation and the Trade and Development Bank to arrange financing for the upgrade of Jomo Kenyatta International Airport, Kenya’s busiest airport and one of East Africa’s most important travel gateways.
Transport Minister Davis Chirchir said the project is expected to cost up to 154.2 billion Kenyan shillings, about $1.19 billion, and will be financed by leveraging airport-based revenue streams.
“The project is intended to be funded through leveraging of airport-based revenue streams. The arrangers will crowd in Development Financial Institutions and commercial banks,” Chirchir said.
Kenya is trying to modernise one of its most strategic transport assets without adding unnecessary pressure to public debt, at a time when many African governments are under pressure to find cheaper and more creative ways to fund infrastructure.
